Bitcoin Price Lacking Momentum Above $17k, BTC Holders Are Safe: Here’s Why

Bitcoin cost extended its boost and evaluated the $17,500 resistance. BTC remedied gains, however it stays well supported above the $16,800 assistance.

• Bitcoin extended its upward relocation above $17,100 and $17,300 resistance levels.
• The cost is trading near $17,000 and the 100 per hour basic moving average.
• There was a break listed below an essential bullish pattern line with assistance near $17,050 on the per hour chart of the BTC/USD set (information feed from Kraken).
• The set needs to remain above the $16,800 assistance to begin a fresh boost.

Bitcoin Rate Stays Supported

Bitcoin cost settled above the $17,000 resistance zone and extended its boost. BTC had the ability to clear the $17,100 and $17,200 resistance levels.

The cost even surged above $17,400 and traded near to the $17,500 resistance zone. Nevertheless, the bears were active near the $17,500 resistance zone. A high was formed near $17,440 and the cost began a disadvantage correction.

Bitcoin cost decreased listed below the $17,200 level and the 100 per hour basic moving average. There was a break listed below an essential bullish pattern line with assistance near $17,050 on the per hour chart of the BTC/USD set.

The cost traded as low as $16,888 and is presently increasing. It is trading near $17,000 and the 100 per hour basic moving average. It is trading above the 23.6% Fib retracement level of the current decrease from the $17,440 swing high to $16,888 low.

On the benefit, an instant resistance is near the $17,165 level. It is near the 50% Fib retracement level of the current decrease from the $17,440 swing high to $16,888 low. The very first significant resistance is near the $17,250 zone, above which the cost might possibly begin another constant boost.

Source: BTCUSD on TradingView.com

In the mentioned case, the cost might increase towards the $17,500 resistance. The next significant resistance is near $17,650, above which the cost increase towards the $18,000 zone in the near term.

More Losses in BTC?

If bitcoin stops working to begin a fresh boost above the $17,165 resistance, there might be more disadvantages. An instant assistance on the disadvantage is near the $16,850 level.

The next significant assistance is near the $16,800 zone. A disadvantage break listed below the $16,800 assistance may require a relocation towards $16,500. Anymore losses may require a test of the crucial $16,000 assistance zone in the near term.

Technical signs:

Per Hour MACD– The MACD is now losing speed in the bearish zone.

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

Significant Assistance Levels– $16,800, followed by $16,500.

Significant Resistance Levels– $17,165, $17,250 and $18,000.