Bitcoin price rallied above the $16,800 resistance. BTC could rise further if it breaks above the $17,000 and $17,050 levels.
- Bitcoin is slowly moving above the $16,800 and $16,850 resistance levels.
- The price is trading above $16,700 and the 100 hourly simple moving average.
- A major uptrend line is forming with support near $16,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise steadily if there is a close above the $17,000 resistance.
Bitcoin price climbs higher
The price of Bitcoin was stable above the $16,500 Support Zone. BTC started a decent rise and was able to break above the $16,800 resistance level.
The price even broke above the $16,850 level and the 100 hourly simple moving average. There was a rally towards the $17,000 level. A high was formed near $16,987 and the price is now correcting the gains. There was a minor move below the $16,900 level.
The price broke below the 50% Fibonacci retracement level of the recent rise from the $16,614 low to $16,987 high. Bitcoin price is now trading above $16,700 and the 100 hour simple moving average.
There is also a major uptrend line forming with support near $16,700 on the hourly chart of the BTC/USD pair. To the upside, immediate resistance is near the $16,900 level.
Fountain: BTCUSD on TradingView.com
The next major resistance is near the $17,000 area. A proper close above the $17,000 resistance could start a steady rally in the short term. In the indicated case, the price perhaps goes towards the $17,500 level. More gains could send the price looking towards the $18,000 level over the next few sessions.
Limited dips in BTC?
If bitcoin price fails to climb above the $17,000 resistance, a downward correction could begin. An immediate support on the downside is near the $16,750 level.
The 61.8% Fibonacci retracement level of the recent rise from the $16,614 low to $16,987 high is also near the $16,750 level. The next major support is near the $16,700 level and the trend line . A clear move below the $16,700 support could send the price looking towards the $16,500 level. More losses could send the price to $16,350.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support levels: $16,750, followed by $16,700.
Main resistance levels: $16,900, $17,000 and $17,500.
