Bitcoin price continued to rise and traded towards $17,400.
- Bitcoin has risen above the $17,000 and $17,200 resistance levels.
- The price is trading above $17,000 and the 100 hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a major bullish trend line has formed with support near $16,880.
- The pair could rise further if it stays above the $17,000 support and trendline.
Bitcoin Price Extends Rise
Bitcoin price remained in the positive zone above $16,800. BTC continued its rally after a clear close above the $17,000 levels and the 100 hour simple moving average.
The price picked up pace and traded above $17,250. It traded to his new annual high of $17,391 before the bears emerged. There was a slight downward revision below $17,250. It is currently trading near the 50% Fib retracement level of the rising wave from swing lows of $16,911 to highs of $17,391.
Bitcoin’s price is currently trading above $17,000 with an hourly simple moving average above 100. Also, on the hourly chart of the BTC/USD pair, a major bullish trend line has formed supporting near $16,880.
Source: BTCUSD on TradingView.com
On the upside, the immediate resistance is near $17,280. The next major resistance is near $17,400, above which the price could even clear the $17,500 resistance. In the aforementioned case, the price could probably rise towards the $18,000 level. Any further gains could send Bitcoin’s price towards the $18,500 levels.
Are dips supported in BTC?
If Bitcoin price fails to clear the $17,300 resistance, it may extend the correction downside. Near-term support on the downside is near $17,150.
The next major support is near $17,080. Close to the 61.8% Fib retracement level of the rising wave from the swing low of $16,911 to the high of $17,391. The main support is currently forming near the $17,000 zone and the trendline area, below which the price may retest $16,500.
Technical indicators:
Hourly MACD – MACD is currently slowing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Level – $17,150, followed by $17,000.
Main resistance levels – $17,300, $17,400, $18,000.
