ta:-bitcoin-price-smashes-key-resistance,-why-$17k-could-be-next

TA: Bitcoin Price Smashes Key Resistance, Why $17K Could Be Next

Bitcoin effect gained bullish momentum and it broke the $16,500 resistance in opposition to the US Buck. BTC is at possibility of continue greater in opposition to $17,000 as lengthy because it is above $16,200.

  • Bitcoin regained power and it broke the $16,500 and $16,600 resistance phases.
  • The payment traded to a original month-to-month excessive at $16,897 and settled above the 100 hourly easy shifting moderate.
  • There might possibly be a transient contracting triangle forming with resistance approach $16,725 on the hourly chart of the BTC/USD pair (files feed from Kraken).
  • The pair might possibly well perhaps appropriate about a aspects, however the bulls are at possibility of dwell energetic approach $16,500.

Bitcoin Mark Signaling Extra Upsides

After forming a nasty approach the $15,800 stage, bitcoin effect started a unusual amplify. BTC broke the $16,200 and $16,350 resistance phases to dash advantage into a sure zone.

The upward dash was such that the associated payment broke the $16,500 resistance. The payment traded in opposition to the $17,000 stage and a original month-to-month excessive was fashioned approach $16,897. Bitcoin is currently consolidating gains under $16,800 and it is properly above the 100 hourly easy shifting moderate.

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An initial enhance is approach the $16,630 stage. It’s miles discontinuance to the 23.6% Fib retracement stage of the sizzling rally from the $15,796 low to $16,897 excessive. There might possibly be furthermore a transient contracting triangle forming with resistance approach $16,725 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Provide: BTCUSD on TradingView.com

The triangle enhance is discontinuance to the $16,630 stage, under which the associated payment might possibly well perhaps check the 50% Fib retracement stage of the sizzling rally from the $15,796 low to $16,897 excessive.

On the upside, a clear rupture above the $16,725 and $16,750 phases might possibly well perhaps birth a unusual amplify. The following major resistance is approach the $16,850 and $16,900 phases, above which the bulls are at possibility of unbiased a rupture above the $17,000 stage.

Dips Supported in BTC?

If bitcoin fails to certain the triangle resistance or $16,750, there in most cases is a transient draw back correction. A clear rupture under the triangle enhance might possibly well perhaps lead the associated payment in opposition to the $16,500 enhance zone.

The following major enhance is approach the $16,350 stage. Any extra losses might possibly well perhaps probably lead the associated payment in opposition to the $16,200 enhance stage and the 100 hourly easy shifting moderate.

Technical indicators:

Hourly MACD – The MACD is slowly coming into into the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is currently correcting lower in opposition to the 60 stage.

Major Toughen Phases – $16,500, adopted by $16,350.

Major Resistance Phases – $16,750, $16,850 and $17,000.

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