Bitcoin value began a draw back correction from the $17,500 resistance. BTC is buying and selling above the $16,800 assist and may begin a recent enhance.

• Bitcoin examined the $16,800 assist 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 assist to begin a recent enhance.

Bitcoin Worth Holds Key Assist

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

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

There was a minor enhance above the $17,000 degree. Bitcoin value is now buying and selling close to $17,000 and the 100 hourly easy shifting common. Moreover, there was a break above the 23.6% Fib retracement degree of the current 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 degree. It’s close to the 50% Fib retracement degree of the current drop from the $17,440 swing excessive to $16,888 low.

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $17,200 zone, above which the worth could maybe begin one other regular enhance. Within the acknowledged case, the worth might rise in direction of the $17,450 resistance. The subsequent 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 begin a recent enhance above the $17,170 resistance, there could possibly be extra downsides. An instantaneous assist on the draw back is close to the $16,880 degree.

The subsequent main assist is close to the $16,800 zone. A draw back break under the $16,800 assist may name a drop in direction of $16,500. Any extra losses may name for a take a look at of the important thing $16,000 assist zone within the close to time period.

Technical indicators:

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

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

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

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