Bitcoin price spiked up and tested the $17,500 resistance. However, the price corrected and remains well-supported above the $16,800 support.
- Today, bitcoin prices showed resistance in the prices at 16,985.20 USD.
- Near $17,000 and the 100 hourly simple moving average, the price is currently trading.
- To start a new increase, Bitcoin needs to hold above the $16,800 support level.
Bitcoin price settled above the $17,000 resistance zone and extended its increase. BTC was able to clear the $17,100 and $17,200 resistance levels.
The price even spiked above $17,400 and traded close to the $17,500 resistance zone. However, the bears were active near the $17,500 resistance zone. A high was formed near $17,440 and the price started a downside correction.
The price of bitcoin decreased to below $17,200 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a crucial bullish trend line with support close to $17,050 was broken.
Price has fluctuated as low as $16,888 and is now increasing. The price is trading close to the 100 hourly simple moving average and $17,000. It is trading higher than the 23.6% Fibonacci retracement level of the most recent slide from the swing high of $17,440 to the low of $16,888.
Near the $17,165 mark, there is immediate resistance on the upside. It is very close to the 50% Fib retracement level of the most recent collapse from the swing high of $17,440 to the low of $16,888. The first significant barrier is located at the $17,250 region, above which the price can begin another gradual rise.
In the scenario described, the price may increase in direction of the $17,500 resistance. Near $17,650 is the next significant resistance; above this level, the price will rise in the near term toward the $18,000 region.
Downfall scenarios of Bitcoin!
If bitcoin fails to start a fresh increase above the $17,165 resistance, there could be more downsides. Immediate support on the downside is near the $16,850 level.
The next major support is near the $16,800 zone. A downside break below the $16,800 support might call for a move toward $16,500. Any more losses might call for a test of the key $16,000 support zone in the near term.
