Bitcoin Price Jumps To $17K and Prints Bullish Continuation Signal

Bitcoin price climbed higher above the $16,800 resistance. BTC could rise further if it clears the $17,000 and $17,050 levels.

• Bitcoin is slowly moving higher above the $16,800 and $16,850 resistance levels.
• The price is trading above $16,700 and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $16,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rise steadily if there is a close above the $17,000 resistance.

Bitcoin Price Climbs Higher

Bitcoin price remained stable above the $16,500 support zone. BTC started a decent increase and was able to clear the $16,800 resistance level.

The price even surged above the $16,850 level and the 100 hourly simple moving average. There was a spike towards the $17,000 level. A high was formed near $16,987 and the price is now correcting gains. There was a minor move below the $16,900 level.

The price spiked below the 50% Fib retracement level of the recent increase from the $16,614 swing low to $16,987 high. Bitcoin price is now trading above $16,700 and the 100 hourly simple moving average.

There is also a major bullish trend line forming with support near $16,700 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $16,900 level.

Source: BTCUSD on TradingView.com

The next major resistance is near the $17,000 zone. A proper close above the $17,000 resistance might start a steady increase in the near term. In the stated case, the price may perhaps rise towards the $17,500 level. Any more gains might send the price towards the $18,000 level in the coming sessions.

Dips Limited in BTC?

If bitcoin price fails to climb the $17,000 resistance, it could start a downside correction. An immediate support on the downside is near the $16,750 level.

The 61.8% Fib retracement level of the recent increase from the $16,614 swing low to $16,987 high is also near the $16,750 level. The next major support is near the $16,700 level and the trend line. A clear move below the $16,700 support might send the price towards the $16,500 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 – $16,750, followed by $16,700.

Major Resistance Levels – $16,900, $17,000 and $17,500.

Source