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Tuesday, February 7, 2023
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    HomeMarketBitcoin Price Looks Ready For Another Leg Higher Over $17.5K

    Bitcoin Price Looks Ready For Another Leg Higher Over $17.5K

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    Bitcoin value remained nicely bid above the $16,920 help. BTC climbed greater and may quickly intention an upside break above the $17,500 resistance zone.

    • Bitcoin discovered a robust shopping for curiosity close to the $16,920 and $16,900 ranges.
    • The worth is buying and selling above $17,000 and the 100 hourly easy transferring common.
    • There’s a main contracting triangle forming with resistance close to $17,220 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair might achieve bullish momentum if it clears the $17,250 and $17,450 resistance ranges.

    Bitcoin Value Eyes Upside Break

    Bitcoin price corrected lower from the $17,292 swing excessive. BTC declined beneath the $17,000 degree and the 100 hourly easy transferring common.

    Nevertheless, the bulls had been energetic close to the $16,920 and $16,900 ranges. A low was shaped close to $16,880 and the value began a recent enhance. There was a transparent transfer above the $17,000 resistance zone and the 100 hourly simple moving average.

    Bitcoin value is now consolidating positive factors close to the $17,150 degree. There was a minor decline beneath the 23.6% Fib retracement degree of the latest enhance from the $16,880 low to $17,247 excessive.

    On the upside, a right away resistance is close to the $17,150 degree. There may be additionally a significant contracting triangle forming with resistance close to $17,220 on the hourly chart of the BTC/USD pair. The primary main resistance is close to the $17,300 zone, above which the value might maybe revisit the $17,450 zone.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The following main resistance is close to $17,500, above which the value begin a gradual enhance and rise in direction of the $18,000 zone within the close to time period.

    Dips Restricted in BTC?

    If bitcoin fails to clear the $17,150 resistance, there could possibly be a recent decline. A right away help on the draw back is close to the $17,120 degree and the 100 hourly easy transferring common.

    The following main help is close to the $17,000 zone. It’s close to the 50% Fib retracement degree of the latest enhance from the $16,880 low to $17,247 excessive. A draw back break beneath the $17,000 help may name a drop in direction of $16,880. Any extra losses may push the value in direction of the $16,500 zone within the close to time period.

    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 – $17,000, adopted by $16,880.

    Main Resistance Ranges – $17,150, $17,300 and $17,450.



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