Bitcoin price increased and traded towards $17,500. BTC is consolidating gains and may be targeting a move towards the $18,000 resistance.
- Bitcoin exceeded the resistance levels of $17,200 and $17,250.
- The price is trading above $17,200 and the hourly moving average is 100.
- There is a major bullish trend line formed with support near $17,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue to rise towards the $18,000 resistance zone.
Momentum is increasing the price of Bitcoin
Bitcoin price settled above the $17,000 pivot zone, opening the door for further gains. BTC surged higher and managed to clear the $17,250 resistance zone.
The price even broke the resistance zone of $17,400 and tested the next barrier at $17,500. A high is formed near the $17,500 price level now consolidating gains. It is currently testing the 23.6% Fib retracement level of the upward move from the $17,136 swing to the $17,500 high.
Bitcoin price is also trading above $17,200 and the hourly simple moving average is 100. In addition, there is a major bullish trend line formed with support near $17,350 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, immediate resistance is near the $17,500 level. The next major resistance is close to the $18,000 zone, above which the price could go faster. In that case, the price may rise to the $18,500 level. Another gain could send the btc price to the $19,200 level.
Limited Dips in BTC?
If the price of bitcoin fails to clear the $17,500 resistance, it can start a downward correction. Immediate support on the downside is near the $17,350 level and the trend line.
The next major support is near the $17,270 level. It is near the 61.8% Fib retracement level of the upward move from the $17,136 swing low to the $17,500 high. The main support is now near the $17,130 level, below which the price may retest at $16,800.
Technical indicators:
Hourly MACD – MACD is currently losing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Key Support Level – $17,350, followed by $17,130.
Key Resistance Levels – $17,500, $17,800 and $18,000.