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Monday, January 30, 2023
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    HomeMarketBitcoin Price Clears $17K, Why Dips Turn Attractive In Short-Term

    Bitcoin Price Clears $17K, Why Dips Turn Attractive In Short-Term

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    Bitcoin worth was in a position to clear the $17,000 resistance. BTC is consolidating positive factors and may stay supported above the $16,750 stage.

    • Bitcoin gained tempo and cleared the $16,800 and $17,000 resistance ranges.
    • The value is buying and selling above $16,800 and the 100 hourly easy transferring common.
    • There’s a key bullish development line forming with assist close to $16,950 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may rise additional if it stays above the $16,500 assist zone.

    Bitcoin Worth Extends Features

    Bitcoin price remained well bid above the $16,500 assist zone. BTC gained tempo and was in a position to clear the $16,800 resistance zone plus the 100 hourly easy transferring common.

    The upward transfer was such that the value even surpassed the $17,000 resistance zone. It traded as excessive as $17,250 earlier than the bulls confronted sellers. It’s now consolidating positive factors above the $17,000 stage. The value is buying and selling close to the 23.6% Fib retracement stage of the upward transfer from the $16,690 swing low to $17,250 excessive.

    Bitcoin worth is now buying and selling above $16,800 and the 100 hourly simple moving average. There may be additionally a key bullish development line forming with assist close to $16,950 on the hourly chart of the BTC/USD pair.

    On the upside, a right away resistance is close to the $17,950 stage. The primary main resistance is close to the $17,500 zone, above which the value might maybe begin one other regular improve. Within the said case, the value may rise in direction of the $18,000 resistance.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The following main resistance is close to $18,800, above which the value may achieve tempo for a transfer in direction of the $19,500 zone within the close to time period.

    Dips Restricted in BTC?

    If bitcoin fails to climb above the $17,250 resistance, there may very well be a draw back correction. An instantaneous assist on the draw back is close to the $17,000 stage. The following main assist is close to the $16,950 zone and the development line.

    The development line is near the 50% Fib retracement stage of the upward transfer from the $16,690 swing low to $17,250 excessive. A draw back break under the development line may name for a transfer in direction of $16,800. Any extra losses may name for a check of the important thing $16,500 assist zone within the close to time period.

    Technical indicators:

    Hourly MACD – The MACD is now dropping tempo within the bullish zone.

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

    Main Help Ranges – $16,950, adopted by $16,800.

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



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