Bitcoin worth gained bullish momentum above the $16,500 resistance. BTC might rise additional if there’s a shut above the $17,000 resistance.
- Bitcoin began a good improve above the $16,500 and $16,650 resistance ranges.
- The value is buying and selling above $16,500 and the 100 hourly easy transferring common.
- There was a break above a significant bearish pattern line with resistance close to $16,450 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might rise additional if there’s a shut above the $17,000 resistance.
Bitcoin Value Positive aspects Bullish Momentum
Bitcoin worth shaped a base above the $16,200 help zone. BTC began a gradual improve and was capable of clear the $16,500 resistance zone and the 100 hourly easy transferring common.
In the course of the improve, there was a break above a significant bearish pattern line with resistance close to $16,450 on the hourly chart of the BTC/USD pair. The pair even surpassed the 76.4% Fib retracement degree of the downward transfer from the $16,589 swing excessive to $16,000 low.
Bitcoin worth is now buying and selling above $16,500 and the 100 hourly easy transferring common. It’s testing the 1.618 Fib extension degree of the downward transfer from the $16,589 swing excessive to $16,000 low.
Supply: BTCUSD on TradingView.com
On the upside, a direct resistance is close to the $16,950 degree. The primary main resistance is close to the $17,000 zone, above which the worth might maybe speed up larger. Within the said case, the worth might check the $17,500 resistance. The subsequent main resistance is close to $18,000, above which the worth might achieve tempo for a transfer in the direction of the $18,800 zone.
Dips Supported in BTC?
If bitcoin fails to climb above the $17,000 resistance, there may very well be a draw back correction. An instantaneous help on the draw back is close to the $16,800 degree.
The subsequent main help is close to the $16,500 zone or the 100 hourly SMA, beneath which the worth decline additional. Within the said case, the worth would possibly drop in the direction of the $16,200 help zone. Any extra losses would possibly name for a check of the important thing $16,000 help zone within the close to time period.
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 degree.
Main Assist Ranges – $16,800, adopted by $16,500.
Main Resistance Ranges – $16,950, $17,000 and $17,500.
