Bitcoin value gained tempo and cleared the $17,000 resistance. BTC is displaying constructive indicators and it might rise in the direction of the $18,000 resistance.

• Bitcoin began a contemporary improve above the $16,800 and $17,000 resistance ranges.
• The worth is trading above $16,800 and the 100 hourly easy shifting common.
• There’s a main bullish pattern line forming with help close to $16,800 on the hourly chart of the BTC/USD pair (knowledge feed by Kraken).
• The pair would possibly proceed to rise in the direction of the subsequent hurdle close to the $18,000 resistance.

Bitcoin value is gaining momentum

Bitcoin value fashioned a help base above the $16,650 level. BTC remained effectively bid and began a contemporary improve above the $16,800 and $17,000 resistance ranges.

There was an in depth above the $17,000 level and the 100 hourly easy shifting common. The worth made a brand new yearly high at $17,244, breaking a key barrier. It’s now consolidating positive factors above the $17,000 level. It is usually trading above the 23.6% Fib retracement level of the bullish transfer from the $16,910 swing low to $17,244 high.

Bitcoin value is now trading above $16,800 and the 100 hourly easy shifting common. There’s additionally a significant bullish pattern line forming with help close to $16,800 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

On the upside, there may be an instantaneous resistance close to $17,250. The subsequent main resistance is close to the $17,500 zone. A pointy transfer and an in depth above the $17,500 resistance might set off one other rally within the close to time period. Within the talked about case, the worth might maybe rally in the direction of the $18,000 level. Additional positive factors would possibly require a transfer in the direction of the $18,500 level.

Dips Restricted to BTC?

If bitcoin value fails to clear the $17,250 resistance, it’d begin a draw back correction. Rapid help on the draw back is close to $17,150.

The subsequent main help is close to $17,000. It’s close to the 50% Fib retracement level of the transfer up from the $16,910 low to the $17,244 high. The principle help is now forming close to the $17,000 zone, beneath which the worth would possibly retest the $16,800 level.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 level.

Key help ranges – $17,150 adopted by $17,000.

Main resistance ranges – $17,250, $17,500 and $18,000.