Bitcoin prices began a downward correction after hitting $17,000 resistance. BTC reached support at $16,750 and could soon break above $17,000
- Bitcoin is showing bullish signals above the $16,600 & $16,750 levels.
- The price traded above $16,750, and the 100-hourly simple moving average is at $16,750.
- A crucial bullish trend line is emerging with support at $16,750 on hourly charts of the BTC/USD pair. (Data feed from Kraken).
- If the close is above $17,000, then the pair could see a strong increase.
Bitcoin Price Remains Supported
Bitcoin price attempted to move up above the $16,800 resistance. BTC spiked to the $17,000 resistance level, but there was not an obvious upside break.
The price made a high near $16,987, and then began a downtrend. The price fell below the $16,800 support level. The price fell below the 50% Fib Retracement level of the upward movement from $16,615 swing lows to $16,987 highs.
Bitcoin price has found support at the $16,750 level. As support, the 61.8% Fib fib retracement level for the upward move between the $16,615 swing high and $16,987 low is providing some indications.
On the hourly chart for the BTC/USD pair, there is a bullish trend line that forms with support at $16,750. The pair is stable at $16,750 and above the 100 hourly simplemoving average. The upside is that the $16,900 level provides immediate resistance.
Source: BTCUSD on TradingView.com
The $17,000 level is the next major resistance. In the short term, a clear move above the $17,000 resistance could signal a strong rise. The price could rise to $17,550 in the above scenario. If there are any more gains, the price could move towards the $18,000 mark.
Bitcoin price could begin a downward correction if it fails to break the $17,000 resistance. The $16,800 level is an immediate support for the downside.
The $16,750 level is the next major support and the trendline is the next. A break below the $16,750 resistance could send the price towards $15,500. A test of $16,350 might be necessary for any further losses.
Hourly MACD – The MACD is now gaining 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.