Bitcoin prices rose above the $16,800 resistance. BTC may rise further if it reaches the $17,000 or $17,050 levels.
- Bitcoin is gradually moving higher than the $16,800 resistance level and $16,850 resistance level.
- The price trades above $16,700.
- A major bullish trend line is emerging with support at $16,700 on hourly charts of the BTC/USD pair. (Data feed from Kraken).
- If the pair closes above $17,000 resistance, it could continue to rise.
Bitcoin Prices Rise Higher
Bitcoin price was stable above $16,500 support area. BTC saw a solid increase and was capable of clearing the $16,800 resistance.
The price rose to $16,850 above the 100 hourly simple moving mean. A spike was seen towards $17,000. A high was reached at $16,987, and the price is currently correcting its gains. The price moved slightly below the $16,900 mark.
The price surged below the 50% Fib Retracement level of recent rise from $16,614 swing high to $16,987 low. Bitcoin prices are now above $16,700.
A major bullish trendline is also in place with support near $16,700, as shown on the hourly charts of the BTC/USD pairs. The $16,900 level is the immediate resistance.
Source: BTCUSD on TradingView.com
Near the $17,000 area is the next major resistance. In the short-term, a close above $17,000 could signal a steady uptrend. In this case, the price might rise towards $17.500. The price could rise to $18,000 if there are more gains.
BTC Dips Limited
Bitcoin price could begin a downward correction if it fails to rise above $17,000 resistance. The $16,750 level is an immediate support for the downside.
The $16,750 level is also close to the 61.8% Fib level of the recent rise from $16,614 swing high to $16,987 low. The trend line is the next support level. A clear break below the $16,700 support could send the price towards the $16,500 mark. A further drop below the $16,700 support could push the price towards $16,350.
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 – $16,750, followed by $16,700.
Major Resistance Levels – $16,900, $17,000 and $17,500.