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Thursday, February 2, 2023
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    HomeMarketBitcoin Price Struggles Above $17K, Why BTC Is Still In Bullish Zone

    Bitcoin Price Struggles Above $17K, Why BTC Is Still In Bullish Zone

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    Bitcoin value prolonged its rise and traded in the direction of $17,400. BTC is correcting positive aspects, but it surely stays properly supported close to the $17,000 zone.

    • Bitcoin prolonged its enhance above the $17,000 and $17,200 resistance ranges.
    • The worth is buying and selling above $17,000 and the 100 hourly easy transferring common.
    • There’s a key bullish development line forming with assist close to $16,880 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may rise additional if it stays above the $17,000 assist and the development line.

    Bitcoin Value Extends Enhance

    Bitcoin value remained in a positive zone above the $16,800 degree. BTC prolonged its enhance after there was a transparent shut above the $17,000 degree and the 100 hourly easy transferring common.

    The worth gained tempo and traded above the $17,250 degree. It traded to a brand new yearly excessive at $17,391 earlier than the bears appeared. There was a minor draw back correction beneath the $17,250 degree. It’s now buying and selling close to the 50% Fib retracement degree of the upward wave from the $16,911 swing low to $17,391 excessive.

    Bitcoin value is now buying and selling above $17,000 and the 100 hourly simple moving average. There may be additionally a key bullish development line forming with assist close to $16,880 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    On the upside, a direct resistance is close to the $17,280 degree. The subsequent main resistance is close to the $17,400 zone, above which the worth would possibly even clear the $17,500 resistance. Within the said case, the worth might maybe rise in the direction of the $18,000 degree. Any extra positive aspects would possibly ship btc value in the direction of the $18,500 degree.

    Dips Supported in BTC?

    If bitcoin value fails to clear the $17,300 resistance, it may lengthen its draw back correction. An instantaneous assist on the draw back is close to the $17,150 degree.

    The subsequent main assist is close to the $17,080 degree. It’s close to the 61.8% Fib retracement degree of the upward wave from the $16,911 swing low to $17,391 excessive. The principle assist is now forming close to the $17,000 zone and the development line area, beneath which the worth would possibly retest $16,500.

    Technical indicators:

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

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

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

    Main Resistance Ranges – $17,300, $17,400 and $18,000.



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