[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1522216945055{background-color: #131722 !important;}”][vc_column css=”.vc_custom_1522217480829{padding-right: 0px !important;padding-left: 0px !important;}”][bsfp-cryptocurrency style=”widget-20″ align=”marquee” columns=”2″ coins=”selected” coins-count=”15″ coins-selected=”BTC,ETH,XRP,LTC,EOS,BCH,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”dark” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523173421731{margin-bottom: 5px !important;}”][/vc_column][/vc_row]

Bitcoin Price Resumes Increase as Crypto Bulls Aim More Upsides

0

Bitcoin price extended its increase and traded towards $17,500. BTC is consolidating gains and might aim a move towards the $18,000 resistance.

  • Bitcoin extended its rise above the $17,200 and $17,250 resistance levels.
  • The price is trading above $17,200 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $17,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up towards the $18,000 resistance zone.

Bitcoin Price Gains Momentum

Bitcoin price settled above the key $17,000 pivot zone, opening the doors for more gains. BTC climbed further higher and was able to clear the $17,250 resistance zone.

The price even broke the $17,400 resistance zone and tested the next barrier at $17,500. A high is formed near the $17,500 level the price is now consolidating gains. It is now testing the 23.6% Fib retracement level of the upward move from the $17,136 swing low to $17,500 high.

Bitcoin price is also trading above $17,200 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $17,350 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $17,500 level. The next major resistance is near the $18,000 zone, above which the price might accelerate higher. In the stated case, the price may perhaps rise towards the $18,500 level. Any more gains might send btc price towards the $19,200 level.

Dips Limited in BTC?

If bitcoin price fails to clear the $17,500 resistance, it could start a downside correction. An immediate support on the downside is near the $17,350 level and the trend line.

The next major support is near the $17,270 level. It is near the 61.8% Fib retracement level of the upward move from the $17,136 swing low to $17,500 high. The main support is now forming near the $17,130 level, below which the price might retest $16,800.

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.

Major Support Levels – $17,350, followed by $17,130.

Major Resistance Levels – $17,500, $17,800 and $18,000.

Leave A Reply

Your email address will not be published.