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Monday, January 30, 2023
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    HomeMarketBitcoin Price Key Trend is Forming And BTC Could Soon Surge to...

    Bitcoin Price Key Trend is Forming And BTC Could Soon Surge to $18K

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    Bitcoin worth gained tempo for a contemporary transfer above $17,000. BTC is rising and would possibly climb larger in the direction of the $18,000 resistance zone.

    • Bitcoin began a contemporary enhance above $17,000 and $17,200 resistance ranges.
    • The value is buying and selling above $16,800 and the 100 hourly easy shifting common.
    • There was a break above a serious bearish pattern line with resistance close to $17,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair appears to be eyeing a transfer in the direction of the $17,650 resistance and even $18,000.

    Bitcoin Worth Restarts Improve

    Bitcoin worth discovered help close to the $16,800 zone after a downside correction. BTC remained properly bid and began a contemporary enhance above the $17,000 resistance zone.

    It even broke the $17,150 degree and settled above the 100 hourly easy shifting common. The value gained tempo above the 76.4% Fib retracement degree of the downward transfer from the $17,315 swing excessive to $16,784 swing low. In addition to, there was a break above a serious bearish pattern line with resistance close to $17,000 on the hourly chart of the BTC/USD pair.

    Bitcoin worth is now buying and selling above $16,800 and the 100 hourly simple moving average. It’s buying and selling close to the $17,250 degree. On the upside, an instantaneous resistance is close to the $17,350 degree.

    The primary main resistance is close to the $17,450 zone, above which the worth might maybe begin one other regular enhance. Within the said case, the worth may rise in the direction of the $17,650 resistance. It’s close to the 1.618 Fib extension degree of the downward transfer from the $17,315 swing excessive to $16,784 swing low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The following main resistance is close to $18,000, above which the worth may try a transfer in the direction of the $18,500 zone within the close to time period.

    Dips Restricted in BTC?

    If bitcoin fails to begin a contemporary enhance above the $17,350 resistance, there might be extra downsides. An instantaneous help on the draw back is close to the $17,150 degree.

    The following main help is close to the $17,000 zone and the 100 hourly easy shifting common. A draw back break beneath the $17,000 help would possibly name for a transfer in the direction of $16,750. Any extra losses would possibly name for a take a look at of the important thing $16,500 help zone within the close to time period.

    Technical indicators:

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

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now within the overbought zone.

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

    Main Resistance Ranges – $17,350, $17,450 and $18,000.



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