Bitcoin price is rising above $17,000 against the US Dollar. BTC might extend gains if there is a clear move above the $17,500 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh increase from the $16,650 support zone. A base was formed and the price climbed higher above the $16,880 resistance zone.
The bulls pushed the price above the $17,000 resistance and the 55 simple moving average (4-hours). The upward move was such that the price climbed towards the $17,500 resistance zone. A high is formed near $17,494 and the price is now consolidating gains.
It is now trading above $17,000 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $17,050 on the 4-hours chart of the BTC/USD pair.
An immediate resistance on the upside is near the $17,500 level. The next major resistance might near the $17,850 zone. The first major resistance is near the $18,000 level. A clear move above the $18,000 level might send the price towards $19,000, above which the price might rise towards the $20,000 level.
Any more gains might push the price towards the $21,200 zone. If there is no upside break, the price might decline below the $17,400 level. The first major support is near $17,300 or the 23.6% Fib retracement level of the upward move from the $16,670 swing low to $17,494 high.
The next key support is near the $17,050 level or the trend line. It is close to the 50% Fib retracement level of the upward move from the $16,670 swing low to $17,494 high, below which the price might accelerate lower.
In the stated case, the price could decline towards the $16,650 level. Any more losses might send the price towards the $16,000 level.
Looking at the chart, bitcoin price is clearly trading above $17,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $17,000 resistance zone.
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $17,300 and $17,050.
Key Resistance Levels – $17,500, $18,000 and $19,200.
Source: Read Full Article