Bitcoin Breaking Above $17,250 – Brace for a Buy Position
Bitcoin's price increased in anticipation of a new rise above $17,000. BTC is soaring and could reach the $18,000 resistance level. After a
Bitcoin’s price increased in anticipation of a new rise above $17,000. BTC is soaring and could reach the $18,000 resistance level. After a downward dip, BITCOIN price found support near $16,800. BTC remained heavily bid and began a new rise above the $17,000 barrier level.
It surpassed the $17,150 mark and closed above the 100 hourly simple moving average. The price rose over the 76.4% Fib retracement level of the bearish move from the swing high of $17,315 to the swing low of $16,784. Furthermore, on the hourly chart of the BTC/USD pair, there was a break above a strong negative trend line with resistance near $17,000.
Bitcoin is trading above the $16,800 mark and the 100 hourly simple moving average. It is currently selling for about $17,250. On the upside, an immediate resistance level is near $17,350.
Bitcoin (BTC/USD) Technical Outlook
The first big obstacle is near $17,450, above which the price may begin another steady rise. In the scenario above, the price might move toward the $17,650 resistance. It is near the 1.618 Fib extension level of the bearish move from the swing high of $17,315 to the swing low of $16,784.
The next big barrier is near $18,000, and the price may attempt a short-term rise toward the $18,500 zone. If bitcoin fails to break over the $17,350 barrier level, there could be further negatives. On the downside, there is immediate support near $17,150.
The next significant support is near $17,000 and the 100 hourly simple moving average. A breach below the $17,000 support level could signal a slide towards $16,750. Any further losses might lead to a test of the critical $16,500 support zone in the near term.
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