Bitcoin price is still attempting an upside break above $17,000. BTC could gain bullish momentum if there is a daily close above the $17,000 and $17,200 resistance levels.
Bitcoin is again attempting an upside break above the $17,000 and $17,200 levels.
The price is trading above $16,750 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $16,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if there is a daily close above the $17,200 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price climbed above the $16,800 resistance zone in the past few sessions. BTC even attempted an upside break above the $17,000 resistance zone, but struggled to gain bullish momentum.
The bulls made a couple of attempts to clear the $17,000 resistance, but failed. The recent high was formed near $16,920 and the price is now consolidating in a range. It corrected a few points and tested the 23.6% Fib retracement level of the upward move from the $16,565 swing low to $16,920 high.
Bitcoin price is now trading above $16,750 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $16,820 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $16,920 zone. The first major resistance is near the $17,000 zone. The main barrier is still near the $17,200 level. A proper daily close above the $17,200 resistance might start a steady recovery wave.
Source: BTCUSD on TradingView.com
The next major resistance is near $17,500, above which the price rise towards the $18,000 resistance zone. Any more gains might spark a move towards the $18,500 resistance zone.
Fresh Drop in BTC?
If bitcoin fails to clear the $17,000 resistance, there could be a fresh drop. An immediate support on the downside is near the $16,820 level, the trend line, and the 100 hourly SMA.
The next major support is near the $16,750 level. It is close to the 50% Fib retracement level of the upward move from the $16,565 swing low to $16,920 high. A downside break below the $16,750 support might send the pair towards the $16,570 level. Any more losses might send the price towards $16,350.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,820, followed by $16,750.
Major Resistance Levels – $17,000, $17,200 and $17,500.
