Bitcoin price surged higher above the $16,800 resistance. BTC could continue higher if it surmounts the $17,000 and $17,050 levels.
- Bitcoin is slowly moving higher above the $16,800 and $16,850 resistance levels.
- The price is trading above $16,700 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $16,700 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could rise steadily if there is a close above the $17,000 resistance.
Bitcoin price surges higher
Bitcoin price remained stable above the $16,500 support zone. BTC started a decent surge and managed to clear the $16,800 resistance level.
The price even surged above $16,850 and the 100 hourly simple moving average. There was a surge towards the $17,000 level. A high was formed at $16,987 and the price is now correcting gains. There was a small move below $16,900.
The price broke below the 50% Fib retracement level of the recent surge from the $16,614 swing low to the $16,987 high. Bitcoin price is now trading above $16,700 and the 100 hourly simple moving average.
There is also a major bullish trend line forming with support near $16,700 on the hourly chart of the BTC/USD pair. On the upside, there is an immediate resistance near $16,900.
Source: BTCUSD on TradingView.com
The next major resistance is near the $17,000 zone. A proper close above the $17,000 resistance could start a steady rise in the short-term. In the mentioned case, the price could perhaps rally towards the $17,500 level. Any further gains could propel the price towards the $18,000 level in the coming sessions.
Dips Limited to BTC?
If bitcoin price fails to clear the $17,000 resistance, it might start a downside correction. Immediate support on the downside is near $16,750.
The 61.8% Fib retracement level of the recent surge from the $16,614 low to the $16,987 high is also near the $16,750 level. The next major support is near $16,700 and the trend line. A clear move below the $16,700 support could propel the price towards the $16,500 level. Further losses could propel the price towards $16,350.
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.
Key support levels – $16,750 followed by $16,700.
Major resistance levels – $16,900, $17,000 and $17,500.