Bitcoin Price Keeps Fighting Near $17K, What Could Spark Upside Break

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is still attempting an upside break above $17,000. BTC could gain bullish momentum if there is a daily close above the $17,000 and $17,200 resistance levels.

Bitcoin is again attempting an upside break above the $17,000 and $17,200 levels.
The price is trading above $16,750 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $16,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if there is a daily close above the $17,200 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price climbed above the $16,800 resistance zone in the past few sessions. BTC even attempted an upside break above the $17,000 resistance zone, but struggled to gain bullish momentum.

The bulls made a couple of attempts to clear the $17,000 resistance, but failed. The recent high was formed near $16,920 and the price is now consolidating in a range. It corrected a few points and tested the 23.6% Fib retracement level of the upward move from the $16,565 swing low to $16,920 high.

Bitcoin price is now trading above $16,750 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $16,820 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $16,920 zone. The first major resistance is near the $17,000 zone. The main barrier is still near the $17,200 level. A proper daily close above the $17,200 resistance might start a steady recovery wave.

Source: BTCUSD on TradingView.com

The next major resistance is near $17,500, above which the price rise towards the $18,000 resistance zone. Any more gains might spark a move towards the $18,500 resistance zone.

Fresh Drop in BTC?

If bitcoin fails to clear the $17,000 resistance, there could be a fresh drop. An immediate support on the downside is near the $16,820 level, the trend line, and the 100 hourly SMA.

The next major support is near the $16,750 level. It is close to the 50% Fib retracement level of the upward move from the $16,565 swing low to $16,920 high. A downside break below the $16,750 support might send the pair towards the $16,570 level. Any more losses might send the price towards $16,350.

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 – $16,820, followed by $16,750.

Major Resistance Levels – $17,000, $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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