Bitcoin value traded above the $17,000 resistance. BTC is correcting positive aspects and it may drop in direction of the $16,650 help zone within the short-term.

• Bitcoin gained tempo and broke the $17,000 and $17,200 resistance ranges.
• The value is trading above $16,650 and the 100 hourly easy transferring common.
• There was a break under a serious bullish development line with help close to $16,980 on the hourly chart of the BTC/USD pair (information feed by Kraken).
• The pair would possibly right decrease in direction of the $16,650 and $16,500 help ranges.

Bitcoin value faces bears

Bitcoin value tried a gradual climb above the $17,000 resistance zone. It even broke $17,200 and settled above the 100 hourly easy transferring common.

Nevertheless, the bears have been lively above the $17,200 level. A high was shaped at $17,319 earlier than the value began a downward correction. There was a transfer under the $17,000 help zone. The value fell under the 23.6% Fib retracement level of the bullish transfer from the $16,000 swing low to the $17,319 high.

Additionally, there was a break under a serious bullish development line with help close to $16,980 on the hourly chart of the BTC/USD pair. Bitcoin value remains to be trading above $16,650 and the 100 hourly easy transferring common.

On the upside, there may be quick resistance close to $17,000. The primary main resistance is close to the $17,250 zone, above which the value would possibly begin one other regular climb. Within the talked about case, the value would possibly surge in direction of the $17,800 resistance.

Supply: BTCUSD on TradingView.com

The following main resistance is at $18,800, above which the value would possibly try to maneuver in direction of the $19,500 zone within the short-term.

Dips in BTC supported?

If Bitcoin fails to start out a contemporary surge above the $17,000 resistance, there could possibly be extra downsides. Rapid help on the draw back is close to $16,800. The following main help is close to the $16,650 zone.

The 50% Fib retracement level of the transfer higher from the $16,000 low to the $17,319 high can be close to the $16,650 help. A draw back break under the $16,650 help would possibly require a transfer in direction of $16,500. Additional losses might require a take a look at of the important thing $16,000 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

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

Key help ranges – $16,800 adopted by $16,650.

Main resistance ranges – $17,000, $17,250 and $17,800.