Bitcoin Price Regains Traction, BTC Seems Primed for More Upsides

Bitcoin cost got bullish momentum above the $16,500 resistance. BTC might increase even more if there is a close above the $17,000 resistance.

• Bitcoin began a good boost above the $16,500 and $16,650 resistance levels.
• The cost is trading above $16,500 and the 100 per hour easy moving average.
• There was a break above a significant bearish pattern line with resistance near $16,450 on the per hour chart of the BTC/USD set (information feed from Kraken).
• The set might increase even more if there is a close above the $17,000 resistance.

Bitcoin Cost Gains Bullish Momentum

Bitcoin cost formed a base above the $16,200 assistance zone. BTC began a constant boost and had the ability to clear the $16,500 resistance zone and the 100 per hour easy moving average.

Throughout the boost, there was a break above a significant bearish pattern line with resistance near $16,450 on the per hour chart of the BTC/USD set. The set even went beyond the 76.4% Fib retracement level of the down relocation from the $16,589 swing high to $16,000 low.

Bitcoin cost is now trading above $16,500 and the 100 per hour easy moving average. It is checking the 1.618 Fib extension level of the down relocation from the $16,589 swing high to $16,000 low.

Source: BTCUSD on TradingView.com

On the benefit, an instant resistance is near the $16,950 level. The very first significant resistance is near the $17,000 zone, above which the cost might possibly speed up greater. In the mentioned case, the cost might evaluate the $17,500 resistance. The next significant resistance is near $18,000, above which the cost might acquire speed for a relocation towards the $18,800 zone.

Dips Supported in BTC?

If bitcoin stops working to climb up above the $17,000 resistance, there might be a disadvantage correction. An instant assistance on the disadvantage is near the $16,800 level.

The next significant assistance is near the $16,500 zone or the 100 per hour SMA, listed below which the cost decrease even more. In the mentioned case, the cost may drop towards the $16,200 assistance zone. Anymore losses may require a test of the essential $16,000 assistance zone in the near term.

Technical signs:

Per Hour MACD– The MACD is now acquiring speed in the bullish zone.

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

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

Significant Resistance Levels– $16,950, $17,000 and $17,500.