Bitcoin Price Consolidates Near $17K: What Could Trigger A Fresh Increase

Bitcoin worth began a draw back correction from the $17,500 resistance. BTC is buying and selling above the $16,800 help and would possibly begin a recent improve.

• Bitcoin examined the $16,800 help zone and traded as little as $16,888.
• The worth is buying and selling close to $17,000 and the 100 hourly easy shifting common.
• There was a break above a key contracting triangle with resistance close to $17,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair should keep above the $16,800 help to start out a recent improve.

Bitcoin Value Holds Key Help

Bitcoin worth tried one other improve above the $17,500 resistance zone. Nevertheless, BTC failed to achieve power above the $17,400 stage. A excessive was fashioned close to $17,440 earlier than there was a draw back correction.

There was a transfer under the $17,200 help zone and the 100 hourly easy shifting common. Nevertheless, the bulls have been lively above the $16,800 help zone. A low was fashioned close to $16,888 and the worth is now consolidating losses.

There was a minor improve above the $17,000 stage. Bitcoin worth is now buying and selling close to $17,000 and the 100 hourly easy shifting common. Apart from, there was a break above the 23.6% Fib retracement stage of the latest drop from the $17,440 swing excessive to $16,888 low.

There was additionally a break above a key contracting triangle with resistance close to $17,000 on the hourly chart of the BTC/USD pair. On the upside, a direct resistance is close to the $17,170 stage. It’s close to the 50% Fib retracement stage of the latest drop from the $17,440 swing excessive to $16,888 low.

Source: BTCUSD on TradingView.com

The primary main resistance is close to the $17,200 zone, above which the worth might maybe begin one other regular improve. Within the acknowledged case, the worth may rise in direction of the $17,450 resistance. The following main resistance is close to $17,500, above which the worth rise in direction of the $18,000 zone within the close to time period.

Extra Losses in BTC?

If bitcoin fails to start out a recent improve above the $17,170 resistance, there might be extra downsides. A direct help on the draw back is close to the $16,880 stage.

The following main help is close to the $16,800 zone. A draw back break under the $16,800 help would possibly name a drop in direction of $16,500. Any extra losses would possibly name for a check of the important thing $16,000 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $16,800, adopted by $16,500.

Main Resistance Ranges – $17,170, $17,200 and $17,500.