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Bitcoin

Bitcoin Price Resumes Increase as Crypto Bulls Aim More Upsides

Aayush Jindal by Aayush Jindal
5 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price extended its increase and traded towards $17,500. BTC is consolidating gains and might aim a move towards the $18,000 resistance.

  • Bitcoin extended its rise above the $17,200 and $17,250 resistance levels.
  • The price is trading above $17,200 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $17,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up towards the $18,000 resistance zone.

Bitcoin Price Gains Momentum

Bitcoin price settled above the key $17,000 pivot zone, opening the doors for more gains. BTC climbed further higher and was able to clear the $17,250 resistance zone.

The price even broke the $17,400 resistance zone and tested the next barrier at $17,500. A high is formed near the $17,500 level the price is now consolidating gains. It is now testing the 23.6% Fib retracement level of the upward move from the $17,136 swing low to $17,500 high.

Bitcoin price is also trading above $17,200 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $17,350 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $17,500 level. The next major resistance is near the $18,000 zone, above which the price might accelerate higher. In the stated case, the price may perhaps rise towards the $18,500 level. Any more gains might send btc price towards the $19,200 level.

Dips Limited in BTC?

If bitcoin price fails to clear the $17,500 resistance, it could start a downside correction. An immediate support on the downside is near the $17,350 level and the trend line.

The next major support is near the $17,270 level. It is near the 61.8% Fib retracement level of the upward move from the $17,136 swing low to $17,500 high. The main support is now forming near the $17,130 level, below which the price might retest $16,800.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $17,350, followed by $17,130.

Major Resistance Levels – $17,500, $17,800 and $18,000.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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