Bitcoin price extended its rise and traded at $17,400. BTC is correcting gains but remains well supported near the $17,000 zone.
- Bitcoin extended its rise above the $17,000 and $17,200 resistance levels.
- The price is trading above $17,000 and the 100 hourly simple moving average.
- A key uptrend line is forming with support near $16,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could go higher if it holds above the $17,000 support and the trend line.
Bitcoin Price Extends Rise
Bitcoin price held at a positive zone above the $16,800 level. BTC extended its rise after there was a clear close above the $17,000 level and the 100 hourly simple moving average.
The price gained pace and traded above the $17,250 level. It traded to a new yearly high of $17,391 before the bears showed up. There was a bit of a correction to the downside below the $17,250 level. It is now trading near the 50% Fibonacci retracement level of the ascending wave from the $16,911 low to $17,391 high.
Bitcoin price is now trading above $17,000 and the 100 hour simple moving average. There is also a key bullish trend line forming with support near $16,880 on the hourly chart of the BTC/USD pair.
Font: BTCUSD on TradingView.com
To the upside, immediate resistance is near the $17,280 level. The next major resistance is near the $17,400 zone, above which the price could even break out of the $17,500 resistance. In the indicated case, the price might go towards the $18,000 level. More gains could send the BTC price towards the $18,500 level.
Dips supported in BTC?
If bitcoin price fails to clear the $17,300 resistance, it could extend its downward correction. An immediate support on the downside is near the $17,150 level.
The next big support is near the $17,080 level. It is near the 61.8% Fibonacci retracement level of the rising wave from the $16,911 low to $17,391 high. Major support is now forming near the $17,000 zone and the trend line region, below which the price could retest $16,500.
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: $17,150, followed by $17,000.
Main resistance levels: $17,300, $17,400 and $18,000.
