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Monday, January 30, 2023
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    HomeMarketBitcoin Price Regains Traction, BTC Seems Primed for More Upsides

    Bitcoin Price Regains Traction, BTC Seems Primed for More Upsides

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    Bitcoin value gained bullish momentum above the $16,500 resistance. BTC may rise additional if there’s a shut above the $17,000 resistance.

    • Bitcoin began an honest enhance above the $16,500 and $16,650 resistance ranges.
    • The value is buying and selling above $16,500 and the 100 hourly easy transferring common.
    • There was a break above a serious bearish development line with resistance close to $16,450 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may rise additional if there’s a shut above the $17,000 resistance.

    Bitcoin Value Positive aspects Bullish Momentum

    Bitcoin price formed a base above the $16,200 help zone. BTC began a gentle enhance and was in a position to clear the $16,500 resistance zone and the 100 hourly easy transferring common.

    Through the enhance, there was a break above a serious bearish development line with resistance close to $16,450 on the hourly chart of the BTC/USD pair. The pair even surpassed the 76.4% Fib retracement stage of the downward transfer from the $16,589 swing excessive to $16,000 low.

    Bitcoin value is now buying and selling above $16,500 and the 100 hourly simple moving average. It’s testing the 1.618 Fib extension stage of the downward transfer from the $16,589 swing excessive to $16,000 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    On the upside, a right away resistance is close to the $16,950 stage. The primary main resistance is close to the $17,000 zone, above which the worth could maybe speed up larger. Within the said case, the worth may check the $17,500 resistance. The subsequent main resistance is close to $18,000, above which the worth may acquire tempo for a transfer in direction of the $18,800 zone.

    Dips Supported in BTC?

    If bitcoin fails to climb above the $17,000 resistance, there may very well be a draw back correction. An instantaneous help on the draw back is close to the $16,800 stage.

    The subsequent main help is close to the $16,500 zone or the 100 hourly SMA, beneath which the worth decline additional. Within the said case, the worth would possibly drop in direction of the $16,200 help zone. Any extra losses would possibly name for a check of the important thing $16,000 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 Power Index) – The RSI for BTC/USD is now above the 50 stage.

    Main Help Ranges – $16,800, adopted by $16,500.

    Main Resistance Ranges – $16,950, $17,000 and $17,500.



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