Posted on December 23, 2022
Bitcoin value is trying an upside break above $17,000. BTC might begin a gradual restoration if it clears the $17,000 and $17,200 resistance ranges.
- Bitcoin is trying an upside break above the $17,000 and $17,200 ranges.
- The worth is buying and selling above $16,800 and the 100 hourly easy shifting common.
- There was a break above a key bearish development line with resistance close to $16,820 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might try a contemporary enhance if there’s a clear transfer above the $17,200 resistance zone.
Bitcoin Value Eyes Upside Break
Bitcoin value managed to remain above the $16,550 zone. A base was fashioned and the worth began a contemporary enhance above the $16,700 resistance zone. BTC even climbed above the $16,800 resistance and the 100 hourly easy shifting common.
There was a transparent transfer above the 50% Fib retracement stage of the downward transfer from the $17,067 swing excessive to $16,565 low. Apart from, there was a break above a key bearish development line with resistance close to $16,820 on the hourly chart of the BTC/USD pair.
Bitcoin value is now buying and selling above $16,800 and the 100 hourly easy shifting common. It’s also buying and selling above the 61.8% Fib retracement stage of the downward transfer from the $17,067 swing excessive to $16,565 low.
On the upside, a right away resistance is close to the $17,000 zone. The primary main resistance is close to the $17,200 zone. A transparent transfer above the $17,200 resistance would possibly begin a gradual restoration wave.
Supply: BTCUSD on TradingView.com
The following main resistance is close to $17,500, above which the worth climb in the direction of the $18,000 resistance zone. Any extra beneficial properties would possibly ship the pair in the direction of the $18,500 resistance zone.
Recent Drop in BTC?
If bitcoin fails to clear the $17,200 resistance, there might be a contemporary downward transfer. A direct assist on the draw back is close to the $16,800 stage and the 100 hourly SMA
The following main assist is close to the $16,680 stage. A draw back break under the $16,680 assist would possibly name for a transfer in the direction of the $16,550 stage. Any extra losses would possibly ship the worth in the direction of $16,350.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.
Main Help Ranges – $16,800, adopted by $16,550.
Main Resistance Ranges – $17,000, $17,200 and $17,500.