Bitcoin Price Clears $17K, Why Dips Turn Attractive In Short-Term

Bitcoin rate had the ability to clear the $17,000 resistance. BTC is combining gains and may stay supported above the $16,750 level.

• Bitcoin acquired rate and cleared the $16,800 and $17,000 resistance levels.
• The rate is trading above $16,800 and the 100 per hour basic moving average.
• There is an essential bullish pattern line forming with assistance near $16,950 on the per hour chart of the BTC/USD set (information feed from Kraken).
• The set might increase even more if it remains above the $16,500 assistance zone.

Bitcoin Cost Extends Gains

Bitcoin rate stayed well bid above the $16,500 assistance zone. BTC acquired rate and had the ability to clear the $16,800 resistance zone plus the 100 per hour basic moving average.

The upward relocation was such that the rate even went beyond the $17,000 resistance zone. It traded as high as $17,250 prior to the bulls dealt with sellers. It is now combining gains above the $17,000 level. The rate is trading near the 23.6% Fib retracement level of the upward relocation from the $16,690 swing low to $17,250 high.

Bitcoin rate is now trading above $16,800 and the 100 per hour basic moving average. There is likewise an essential bullish pattern line forming with assistance near $16,950 on the per hour chart of the BTC/USD set.

On the advantage, an instant resistance is near the $17,950 level. The very first significant resistance is near the $17,500 zone, above which the rate might possibly begin another consistent boost. In the mentioned case, the rate might increase towards the $18,000 resistance.

Source: BTCUSD on TradingView.com

The next significant resistance is near $18,800, above which the rate might acquire rate for a relocation towards the $19,500 zone in the near term.

Dips Restricted in BTC?

If bitcoin stops working to climb up above the $17,250 resistance, there might be a disadvantage correction. An instant assistance on the disadvantage is near the $17,000 level. The next significant assistance is near the $16,950 zone and the pattern line.

The pattern line is close to the 50% Fib retracement level of the upward relocation from the $16,690 swing low to $17,250 high. A disadvantage break listed below the pattern line may require a relocation towards $16,800. Anymore losses may require a test of the crucial $16,500 assistance zone in the near term.

Technical signs:

Per Hour MACD– The MACD is now losing rate in the bullish zone.

Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is now above the 50 level.

Significant Assistance Levels– $16,950, followed by $16,800.

Significant Resistance Levels– $17,250, $17,500 and $18,000.