Bitcoin worth remained sturdy above the $16,700 level. BTC shaped a base and began a recent surge above the $17,000 resistance zone.

• Bitcoin discovered assist close to $16,700 and began an honest surge.
• The worth is trading above $17,000 and the 100 hourly easy shifting common.
• There was a break above a significant bearish pattern line with resistance close to $16,875 on the hourly chart of the BTC/USD pair (knowledge feed by Kraken).
• The pair expects additional positive factors above the $17,400 and $17,500 resistance ranges.

Bitcoin worth sees bullish break

Bitcoin worth fell under the $16,800 assist level. Nonetheless, BTC bears didn’t clear the $16,700 level. The worth traded as high as $16,700 earlier than staging a recent enhance.

There was an honest surge above the $16,850 and $16,900 ranges. The worth broke the 50% Fib retracement level of the downmove from the $17,440 high to $16,700 low. Additionally, there was a break above a significant bearish pattern line with resistance close to $16,875 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now trading above $17,000 and the 100 hourly easy shifting common. Additionally it is trading close to the 76.4% Fib retracement level of the down transfer from the $17,440 high to the $16,700 low.

Supply: BTCUSD on TradingView.com

On the upside, there’s a right away resistance close to $17,280. The primary main resistance is close to the $17,450 zone, above which the worth would possibly begin one other regular climb. Within the talked about case, the worth would possibly surge in direction of the $18,000 resistance. The subsequent main resistance is at $18,250, above which the worth will rally in direction of the $18,500 zone within the brief time period.

Dips in BTC supported?

If bitcoin fails to clear the $17,280 resistance, there might be a recent bearish response. Quick assist on the draw back is close to $17,100.

The subsequent main assist is close to the $17,000 zone and the 100 hourly easy shifting common. A draw back break under the $17,000 assist may lead to a drop in direction of $16,700. Additional losses may propel the worth in direction of the $16,200 zone within the brief time period.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now within the overbought territory.

Key assist ranges – $17,000 adopted by $16,700.

Main resistance ranges – $17,280, $17,500 and $18,000.