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Bitcoin Price Lacking Momentum Above $17k, BTC Holders Are Safe: Here’s Why

Bitcoin Price Lacking Momentum Above $17k, BTC Holders Are Safe: Here’s Why

Bitcoin value prolonged its enhance and examined the $17,500 resistance. BTC corrected positive factors, however it stays effectively supported above the $16,800 assist.

  • Bitcoin prolonged its upward transfer above $17,100 and $17,300 resistance ranges.
  • The value is buying and selling close to $17,000 and the 100 hourly easy transferring common.
  • There was a break beneath a key bullish development line with assist close to $17,050 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair should keep above the $16,800 assist to begin a contemporary enhance.

Bitcoin Worth Stays Supported

Bitcoin value settled above the $17,000 resistance zone and prolonged its enhance. BTC was in a position to clear the $17,100 and $17,200 resistance ranges.

The value even spiked above $17,400 and traded near the $17,500 resistance zone. Nonetheless, the bears had been energetic close to the $17,500 resistance zone. A excessive was shaped close to $17,440 and the worth began a draw back correction.

Bitcoin value declined beneath the $17,200 stage and the 100 hourly easy transferring common. There was a break beneath a key bullish development line with assist close to $17,050 on the hourly chart of the BTC/USD pair.

The value traded as little as $16,888 and is presently rising. It’s buying and selling close to $17,000 and the 100 hourly easy transferring common. It’s buying and selling above the 23.6% Fib retracement stage of the latest decline from the $17,440 swing excessive to $16,888 low.

On the upside, a direct resistance is close to the $17,165 stage. It’s close to the 50% Fib retracement stage of the latest decline from the $17,440 swing excessive to $16,888 low. The primary main resistance is close to the $17,250 zone, above which the worth might maybe begin one other regular enhance.

Bitcoin Price

Supply: BTCUSD on TradingView.com

Within the said case, the worth may rise in direction of the $17,500 resistance. The subsequent main resistance is close to $17,650, above which the worth rise in direction of the $18,000 zone within the close to time period.

Extra Losses in BTC?

If bitcoin fails to begin a contemporary enhance above the $17,165 resistance, there could possibly be extra downsides. An instantaneous assist on the draw back is close to the $16,850 stage.

The subsequent main assist is close to the $16,800 zone. A draw back break beneath the $16,800 assist may name for a transfer in direction of $16,500. Any extra losses may name for a take a look at of the important thing $16,000 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now slightly below the 50 stage.

Main Assist Ranges – $16,800, adopted by $16,500.

Main Resistance Ranges – $17,165, $17,250 and $18,000.

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