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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Price Struggles Above $17K, Why BTC Is Still In Bullish Zone

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price extended its rise and traded towards $17,400. BTC is correcting gains, but it remains well supported near the $17,000 zone.

  • Bitcoin extended its increase above the $17,000 and $17,200 resistance levels.
  • The price is trading above $17,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $16,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rise further if it stays above the $17,000 support and the trend line.

Bitcoin Price Extends Increase

Bitcoin price remained in a positive zone above the $16,800 level. BTC extended its increase after there was a clear close above the $17,000 level and the 100 hourly simple moving average.

The price gained pace and traded above the $17,250 level. It traded to a new yearly high at $17,391 before the bears appeared. There was a minor downside correction below the $17,250 level. It is now trading near the 50% Fib retracement level of the upward wave from the $16,911 swing low to $17,391 high.

Bitcoin price is now trading above $17,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $16,880 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 $17,280 level. The next major resistance is near the $17,400 zone, above which the price might even clear the $17,500 resistance. In the stated case, the price may perhaps rise towards the $18,000 level. Any more gains might send btc price towards the $18,500 level.

Dips Supported in BTC?

If bitcoin price fails to clear the $17,300 resistance, it could extend its downside correction. An immediate support on the downside is near the $17,150 level.

The next major support is near the $17,080 level. It is near the 61.8% Fib retracement level of the upward wave from the $16,911 swing low to $17,391 high. The main support is now forming near the $17,000 zone and the trend line region, below which the price might retest $16,500.

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 – $17,150, followed by $17,000.

Major Resistance Levels – $17,300, $17,400 and $18,000.

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Aayush Jindal
Aayush Jindal

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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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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