The price of bitcoin was able to overcome resistance at $17,000. BTC is maintaining its gains and may continue to be maintained over the $16,750 mark. It picked up speed and overcame the $16,800 and $17,000 resistance levels.
Bitcoin price is trading over $16,800 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a significant bullish trend line is forming, with support located close to $16,950. (data feed from Kraken).
The pair may advance higher if it maintains its price above the $16,500 support area.
Bitcoin Continues to Rise
The bitcoin (1) price remained strongly bid above the $16,500 support region. BTC picked up speed and managed to break over the $16,800 resistance area as well as the 100 hourly simple moving average. The price even surpassed expectations due to the increasing movement. The $17,000 area of resistance. Before the bulls ran into sellers, it reached a high of $17,250. It is currently preserving profits made over $17,000. Price is currently hovering around the 23.6% Fibonacci retracement level of the upward movement from the swing low of $16,690 to the high of $17,250.
Ahead of $16,800 and the 100 hourly simple moving average, the price of one bitcoin is now trading. On the hourly chart of the BTC/USD pair, a significant bullish trend line is also forming, with support located close to $16,950. Near the $17,950 mark, there is immediate resistance on the upside. The first significant barrier is close to the $17,500 region, over which the price can gradually increase. The price may increase toward the $18,000 resistance in the scenario given.
Are BTC Dips Limited?
A negative correction may occur if bitcoin cannot surpass the $17,250 resistance. Around $17,000 provides immediate support on the downside. The trend line and the $16,950 area are the closest significant supports. The price might pick up steam for a move into the $19,500 region shortly if it surpasses the next significant barrier at $18,800.
The upward movement from the swing low of $16,690 to the high of $17,250 is retracing at a 50% Fibonacci level that the trend line is quite near to. A move towards $16,800 may be required if the trend line is broken lower on the downside. Shortly, any more losses could need a test of the crucial $16,500 support region.
Technical signs: Take note
Hourly MACD: The MACD has started to slow down in the positive area.
Relative Strength Index (RSI) hourly - The BTC/USD RSI is currently higher than 50.
$16,950 is the Major Support Level, followed by $16,800.
Three significant resistance levels exist at $17,250, $17,500, and $18,000.