Bitcoin Price Consolidates Near $17K: What Could Trigger A Fresh Increase

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price started a downside correction from the $17,500 resistance. BTC is trading above the $16,800 support and might start a fresh increase.

Bitcoin tested the $16,800 support zone and traded as low as $16,888.
The price is trading near $17,000 and the 100 hourly simple moving average.
There was a break above a key contracting triangle with resistance near $17,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $16,800 support to start a fresh increase.

Bitcoin Price Holds Key Support

Bitcoin price attempted another increase above the $17,500 resistance zone. However, BTC failed to gain strength above the $17,400 level. A high was formed near $17,440 before there was a downside correction.

There was a move below the $17,200 support zone and the 100 hourly simple moving average. However, the bulls were active above the $16,800 support zone. A low was formed near $16,888 and the price is now consolidating losses.

There was a minor increase above the $17,000 level. Bitcoin price is now trading near $17,000 and the 100 hourly simple moving average. Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low.

There was also a break above a key contracting triangle with resistance near $17,000 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $17,170 level. It is near the 50% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low.

The first major resistance is near the $17,200 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,450 resistance. The next major resistance is near $17,500, above which the price rise towards the $18,000 zone in the near term.

More Losses in BTC?

If bitcoin fails to start a fresh increase above the $17,170 resistance, there could be more downsides. An immediate support on the downside is near the $16,880 level.

The next major support is near the $16,800 zone. A downside break below the $16,800 support might call a drop towards $16,500. Any more losses might call for a test of the key $16,000 support zone in the near term.

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 – $16,800, followed by $16,500.

Major Resistance Levels – $17,170, $17,200 and $17,500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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