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Wednesday, February 1, 2023
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    HomeMarketBitcoin Price Jumps To $17K and Prints Bullish Continuation Signal

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

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    Bitcoin worth climbed increased above the $16,800 resistance. BTC may rise additional if it clears the $17,000 and $17,050 ranges.

    • Bitcoin is slowly shifting increased above the $16,800 and $16,850 resistance ranges.
    • The value is buying and selling above $16,700 and the 100 hourly easy shifting common.
    • There’s a main bullish development line forming with assist close to $16,700 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may rise steadily if there’s a shut above the $17,000 resistance.

    Bitcoin Value Climbs Greater

    Bitcoin worth remained secure above the $16,500 support zone. BTC began an honest improve and was in a position to clear the $16,800 resistance degree.

    The value even surged above the $16,850 degree and the 100 hourly easy shifting common. There was a spike in the direction of the $17,000 degree. A excessive was shaped close to $16,987 and the worth is now correcting positive aspects. There was a minor transfer under the $16,900 degree.

    The value spiked under the 50% Fib retracement degree of the current improve from the $16,614 swing low to $16,987 excessive. Bitcoin worth is now buying and selling above $16,700 and the 100 hourly simple moving average.

    There may be additionally a significant bullish development line forming with assist close to $16,700 on the hourly chart of the BTC/USD pair. On the upside, an instantaneous resistance is close to the $16,900 degree.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The following main resistance is close to the $17,000 zone. A correct shut above the $17,000 resistance would possibly begin a gentle improve within the close to time period. Within the said case, the worth might maybe rise in the direction of the $17,500 degree. Any extra positive aspects would possibly ship the worth in the direction of the $18,000 degree within the coming periods.

    Dips Restricted in BTC?

    If bitcoin worth fails to climb the $17,000 resistance, it may begin a draw back correction. A direct assist on the draw back is close to the $16,750 degree.

    The 61.8% Fib retracement degree of the current improve from the $16,614 swing low to $16,987 excessive can be close to the $16,750 degree. The following main assist is close to the $16,700 degree and the development line. A transparent transfer under the $16,700 assist would possibly ship the worth in the direction of the $16,500 degree. Any extra losses would possibly ship the worth in the direction of $16,350.

    Technical indicators:

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

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

    Main Assist Ranges – $16,750, adopted by $16,700.

    Main Resistance Ranges – $16,900, $17,000 and $17,500.



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