- Bitcoin price started a fresh increase from the $16,650 zone against the US Dollar.
- The price is now trading above $17,000 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $17,050 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to move up if it stays above the $17,000 resistance zone.
Bitcoin price is rising above $17,000 against the US Dollar. BTC might extend gains if there is a clear move above the $17,500 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh increase from the $16,650 support zone. A base was formed and the price climbed higher above the $16,880 resistance zone.
The bulls pushed the price above the $17,000 resistance and the 55 simple moving average (4-hours). The upward move was such that the price climbed towards the $17,500 resistance zone. A high is formed near $17,494 and the price is now consolidating gains.
It is now trading above $17,000 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $17,050 on the 4-hours chart of the BTC/USD pair.
An immediate resistance on the upside is near the $17,500 level. The next major resistance might near the $17,850 zone. The first major resistance is near the $18,000 level. A clear move above the $18,000 level might send the price towards $19,000, above which the price might rise towards the $20,000 level.
Any more gains might push the price towards the $21,200 zone. If there is no upside break, the price might decline below the $17,400 level. The first major support is near $17,300 or the 23.6% Fib retracement level of the upward move from the $16,670 swing low to $17,494 high.
The next key support is near the $17,050 level or the trend line. It is close to the 50% Fib retracement level of the upward move from the $16,670 swing low to $17,494 high, below which the price might accelerate lower.
In the stated case, the price could decline towards the $16,650 level. Any more losses might send the price towards the $16,000 level.
Looking at the chart, bitcoin price is clearly trading above $17,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $17,000 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $17,300 and $17,050.
Key Resistance Levels – $17,500, $18,000 and $19,200.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.livebitcoinnews.com/bitcoin-price-analysis-btc-climbs-and-aims-steady-increase/
- 000
- a
- above
- accelerate
- against
- aims
- analysis
- and
- average
- base
- below
- Bitcoin
- Bitcoin Price
- Bitcoin Price Analysis
- Break
- BTC
- BTC/USD
- Bullish
- Bulls
- case
- Chart
- clear
- clearly
- Climbed
- Close
- coinbase
- comments
- consolidating
- continue
- could
- data
- Decline
- Dollar
- extend
- First
- follow
- formed
- fresh
- fresh increase
- from
- gaining
- Gains
- High
- higher
- HOURS
- HTTPS
- immediate
- in
- Increase
- index
- internal
- IT
- Key
- Level
- levels
- Line
- losses
- Low
- MACD
- major
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- next
- overall
- plato
- Plato Data Intelligence
- PlatoData
- Post
- price
- Price Analysis
- Push
- pushed
- relative strength index
- Resistance
- retracement
- Rise
- rising
- rsi
- Simple
- started
- stated
- steady
- strength
- such
- support
- support levels
- TAG
- The
- to
- towards
- Trading
- TradingView
- Trend
- Upside
- upward
- us
- US Dollar
- which
- zephyrnet