Bitcoin worth prolonged its improve and examined the $17,500 resistance. BTC corrected features, but it surely stays properly supported above the $16,800 assist.

• Bitcoin prolonged its upward transfer above $17,100 and $17,300 resistance ranges.
• The worth is buying and selling close to $17,000 and the 100 hourly easy transferring common.
• There was a break under a key bullish development line with assist close to $17,050 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair should keep above the $16,800 assist to begin a contemporary improve.

Bitcoin Worth Stays Supported

Bitcoin worth settled above the $17,000 resistance zone and prolonged its improve. BTC was capable of clear the $17,100 and $17,200 resistance ranges.

The worth even spiked above $17,400 and traded near the $17,500 resistance zone. Nevertheless, the bears have been energetic close to the $17,500 resistance zone. A excessive was shaped close to $17,440 and the worth began a draw back correction.

Bitcoin worth declined under the $17,200 degree and the 100 hourly easy transferring common. There was a break under a key bullish development line with assist close to $17,050 on the hourly chart of the BTC/USD pair.

The worth traded as little as $16,888 and is presently rising. It’s buying and selling close to $17,000 and the 100 hourly easy transferring common. It’s buying and selling above the 23.6% Fib retracement degree of the current decline from the $17,440 swing excessive to $16,888 low.

On the upside, a direct resistance is close to the $17,165 degree. It’s close to the 50% Fib retracement degree of the current decline from the $17,440 swing excessive to $16,888 low. The primary main resistance is close to the $17,250 zone, above which the worth might maybe begin one other regular improve.

Supply: BTCUSD on TradingView.com

Within the said case, the worth may rise in the direction of the $17,500 resistance. The subsequent main resistance is close to $17,650, above which the worth rise in the direction of the $18,000 zone within the close to time period.

Extra Losses in BTC?

If bitcoin fails to begin a contemporary improve above the $17,165 resistance, there could possibly be extra downsides. An instantaneous assist on the draw back is close to the $16,850 degree.

The subsequent main assist is close to the $16,800 zone. A draw back break under the $16,800 assist would possibly name for a transfer in the direction of $16,500. Any extra losses would possibly 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 dropping tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now just under the 50 degree.

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

Main Resistance Ranges – $17,165, $17,250 and $18,000.