Bitcoin Breakouts of Symmetrical Triangle Pattern – Brace for a Buying Position

Bitcoin’s price was able to break through the $17,000 barrier. BTC is consolidating gains and may continue to be supported over $16,750. Bitcoin’s price has held well above the $16,500 support level. BTC gained momentum and broke through the $16,800 resistance zone as well as the 100 hourly SMA.

The price rose so far that it surpassed the $17,000 resistance level. Before the bulls were met by sellers, it went as high as $17,250. It is currently consolidating gains above the $17,000 mark. The price is trading near the 23.6% Fib retracement level of the upward advance from the swing low of $16,690 to the high of $17,250.

Bitcoin is currently trading above the $16,800 mark and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key bullish trend line is forming with support near $16,950.

On the upside, an immediate resistance level is near $17,950. The first big obstacle is near $17,500, at which point the price may begin another steady rise. In the suggested scenario, the price could rise to the $18,000 barrier level.

The next big barrier is near $18,800, above which the price may pick up momentum and advance into the $19,500 zone in the near term.

If bitcoin fails to break over the $17,250 barrier level, a negative correction is possible. On the downside, there is immediate support near the $17,000 mark. The trend line and the next key support are both approaching $16,950.

The trend line is close to the 50% Fib retracement level of the upward advance from the swing low of $16,690 to the high of $17,250. A break below the trend line on the downside could signal a move towards $16,800. Any further losses might lead to a test of the critical $16,500 support zone in the near term.