Bitcoin Exceeds $17,000; Can It Rally to $17,750 Today?

The Bitcoin price maintained well above the $16,920 support level. BTC has risen and may shortly attempt an upside break above the $17,500 resistance zone. Bitcoin’s price has corrected lower from the swing high of $17,292. BTC fell below $17,000 and the 100-hourly simple moving average.

On the other hand, the bulls were active at the $16,920 and $16,900 levels. A low was created near $16,880, and the price began to rise again. The price broke through the $17,000 resistance zone and the 100 hourly simple moving average.

BITCOIN is currently consolidating gains near $17,150. A modest dip occurred below the 23.6% Fib retracement level of the current climb from the $16,880 low to the $17,247 high.

Bitcoin (BTC/USD) Technical Outlook

On the upside, an immediate resistance level is near $17,150. On the hourly chart of the BTC/USD pair, a significant contracting triangle is emerging with resistance near $17,220. The first major barrier is located near the $17,300 level, above which the price may return to the $17,450 level.

The next big barrier is near $17,500, and the price will begin a sustained ascent and eventually reach the $18,000 zone. If bitcoin fails to break over the $17,150 resistance, it could fall further. On the downside, immediate support is near the $17,120 level and the 100 hourly simple moving average.

The next big support level is about $17,000. It is close to the 50% Fib retracement level of the latest rise from $16,880 to $17,247. A breach below the $17,000 support level could signal a decline to $16,880. Any further declines could bring the price towards $16,500 in the short term.

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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