- Bitcoin’s surge has been nothing short of remarkable, with its value rising from around $16,441.98 in November 2022 to over $17,301.40 in December 2022.
- On the hourly chart of the BTC/USD pair, there was a break over a significant bearish trend line with resistance close to $17,000. (data feed from Kraken).
- The $17,650 resistance level or possibly $18,000 appear to be targeted for the pair.
The Bitcoin price increase restarts again
After a downward correction, the price of bitcoin found support around the $16,800 region. BTC continued to be well bid and began a new uptrend over the $17,000 barrier region.
Even more so, it crossed the $17,150 mark and ended up above the 100-hour SMA. Price increased over the 76.4% Fibonacci retracement level of the decline from the swing high of $17,314 to the swing low of $16,785. On the hourly chart of the BTC/USD pair, there was also a break above a significant bearish trend line with resistance close to $17,000.
Ahead of $16,800 and the 100 hourly simple moving average, the price of one bitcoin is currently trading. It is currently selling about $17,251. Near the $17,351 mark, there is immediate resistance on the upside.
The first significant barrier is located at the $17,451 region, above which the price might begin another gradual rise. The price may increase toward the $17,651 resistance in the scenario given. It is quite close to the 1.618 Fib extension level of the downward movement from the swing high of $17,316 to the swing low of $16,785.
source: Trading View
Is Dips Limited in Bitcoin?
There may be additional drawbacks if bitcoin is unable to begin a new uptrend over the $17,351 resistance. Near $17,154, there is immediate support on the downside.
Near the $17,000 region and the 100 hourly simple moving average is the next significant support. If the $17,000 support is broken lower, a move towards $16,755 may be required. In the near future, any additional losses might necessitate a test of the crucial $16,500 support region.
Technical signs:
Hourly MACD: The MACD is currently advancing in the positive area.
Relative Strength Index (RSI) for BTC/USD on an hourly basis is currently overbought.
$17,150 for Major Support Levels, then $17,000.
Three significant resistance levels exist: $17,350, $17,450, and $18,000.
