Bitcoin price started a downside correction from the $17,000 resistance. BTC found support near $16,750 and might soon attempt an upside break above $17,000.
Bitcoin is showing bullish signs above the $16,600 and $16,750 levels.
The price is trading above $16,750 and the 100 hourly simple moving average.
There is a crucial bullish trend line forming with support near $16,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a strong increase if there is a close above the $17,000 resistance.
Bitcoin price attempted a decent upward move above the $16,800 resistance level. BTC even spiked towards the $17,000 resistance zone, but there was no clear upside break.
A high was formed near $16,987 and the price started a downside correction. There was a move below the $16,800 support zone. The price declined below the 50% Fib retracement level of the upward move from the $16,615 swing low to $16,987 high.
However, bitcoin price found support near the $16,750 level. The 61.8% Fib retracement level of the upward move from the $16,615 swing low to $16,987 high is acting as a support.
There is also a crucial bullish trend line forming with support near $16,750 on the hourly chart of the BTC/USD pair. The pair is stable above $16,750 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,900 level.
Source: BTCUSD on TradingView.com
The next major resistance is near the $17,000 zone. A clear move and close above the $17,000 resistance might start a strong increase in the near term. In the stated case, the price may perhaps rise towards the $17,550 level. Any more gains might call for a move towards the $18,000 level.
If bitcoin price fails to clear the $17,000 resistance, it could start a downside correction. An immediate support on the downside is near the $16,800 level.
The next major support is near the $16,750 level and the trend line. A downside break below the $16,750 support might send the price towards the $16,500 level. Any more losses might call for a test of $16,350.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,750, followed by $16,700.
Major Resistance Levels – $16,900, $17,000 and $17,500.
Bitcoin price started a downside correction from the $17,000 resistance. BTC found support near $16,750 and might soon attempt an upside break above $17,000.
Bitcoin is showing bullish signs above the $16,600 and $16,750 levels.
The price is trading above $16,750 and the 100 hourly simple moving average.
There is a crucial bullish trend line forming with support near $16,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a strong increase if there is a close above the $17,000 resistance.
Bitcoin price attempted a decent upward move above the $16,800 resistance level. BTC even spiked towards the $17,000 resistance zone, but there was no clear upside break.
A high was formed near $16,987 and the price started a downside correction. There was a move below the $16,800 support zone. The price declined below the 50% Fib retracement level of the upward move from the $16,615 swing low to $16,987 high.
However, bitcoin price found support near the $16,750 level. The 61.8% Fib retracement level of the upward move from the $16,615 swing low to $16,987 high is acting as a support.
There is also a crucial bullish trend line forming with support near $16,750 on the hourly chart of the BTC/USD pair. The pair is stable above $16,750 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,900 level.
Source: BTCUSD on TradingView.com
The next major resistance is near the $17,000 zone. A clear move and close above the $17,000 resistance might start a strong increase in the near term. In the stated case, the price may perhaps rise towards the $17,550 level. Any more gains might call for a move towards the $18,000 level.
If bitcoin price fails to clear the $17,000 resistance, it could start a downside correction. An immediate support on the downside is near the $16,800 level.
The next major support is near the $16,750 level and the trend line. A downside break below the $16,750 support might send the price towards the $16,500 level. Any more losses might call for a test of $16,350.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,750, followed by $16,700.
Major Resistance Levels – $16,900, $17,000 and $17,500.
Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
NewsBTCRead More
Softer than expected private inflation data did spark some hope that the Friday decline could…
Bitcoin Magazine Why The Bitcoin Bear Market Is Almost Finished Bitcoin has struggled to maintain…
The bank’s volatility-adjusted bitcoin-to-gold model still points to a theoretical price around $170K over the…
What to Know: IMF concerns about dollar stablecoins eroding local currencies reinforce the appeal of…
Another $113 million exited on Thursday, putting the fund on track for a sixth week…
Bitcoin’s early week rally unraveled as sharp ETF outflows, aggressive derivatives deleveraging and muted altcoin…
