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Thursday, February 2, 2023
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    HomeMarketBitcoin Price Breaks Key Barrier And Aims Fresh Rally To $18K

    Bitcoin Price Breaks Key Barrier And Aims Fresh Rally To $18K

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    Bitcoin value gained tempo and cleared the $17,000 resistance. BTC is displaying optimistic indicators and may rise in the direction of the $18,000 resistance.

    • Bitcoin began a recent enhance above the $16,800 and $17,000 resistance ranges.
    • The worth is buying and selling above $16,800 and the 100 hourly easy transferring common.
    • There’s a main bullish development line forming with assist close to $16,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might rise additional in the direction of the following hurdle close to the $18,000 resistance.

    Bitcoin Worth Beneficial properties Momentum

    Bitcoin value fashioned a support base above the $16,650 level. BTC remained effectively bid and began a recent enhance above the $16,800 and $17,000 resistance ranges.

    There was an in depth above the $17,000 degree and the 100 hourly easy transferring common. The worth traded to a brand new yearly excessive at $17,244 and broke a significant barrier. It’s now consolidating good points above the $17,000 degree. Additionally it is buying and selling above the 23.6% Fib retracement degree of the upward transfer from the $16,910 swing low to $17,244 excessive.

    Bitcoin value is now buying and selling above $16,800 and the 100 hourly simple moving average. There’s additionally a significant bullish development line forming with assist close to $16,800 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    On the upside, an instantaneous resistance is close to the $17,250 degree. The subsequent main resistance is close to the $17,500 zone. A transparent transfer and shut above the $17,500 resistance may begin one other rally within the close to time period. Within the acknowledged case, the value could maybe rise in the direction of the $18,000 degree. Any extra good points may name for a transfer in the direction of the $18,500 degree.

    Dips Restricted in BTC?

    If bitcoin value fails to clear the $17,250 resistance, it might begin a draw back correction. A direct assist on the draw back is close to the $17,150 degree.

    The subsequent main assist is close to the $17,000 degree. It’s close to the 50% Fib retracement degree of the upward transfer from the $16,910 swing low to $17,244 excessive. The primary assist is now forming close to the $17,000 zone, beneath which the value may retest $16,800.

    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 degree.

    Main Assist Ranges – $17,150, adopted by $17,000.

    Main Resistance Ranges – $17,250, $17,500 and $18,000.



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