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

<div> Bitcoin worth remained properly bid above the $16,920 help. BTC climbed larger and would possibly quickly intention an upside break above the $17,500 resistance zone. <ul> <li>Bitcoin discovered a robust shopping for curiosity close to the $16,920 and $16,900 ranges.</li> <li>The value is buying and selling above $17,000 and the 100 hourly easy shifting common.</li> <li>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).</li> <li>The pair may acquire bullish momentum if it clears the $17,250 and $17,450 resistance ranges.</li> </ul> <h2>Bitcoin Worth Eyes Upside Break</h2> <a target="_blank" href="https://newsbtc.com/analysis/btc/bitcoin-price-stuck-17k/" rel="noopener">Bitcoin price corrected lower</a> from the $17,292 swing excessive. BTC declined beneath the $17,000 stage and the 100 hourly easy shifting 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 worth began a contemporary improve. There was a transparent transfer above the $17,000 resistance zone and the <a target="_blank" href="https://newsbtc.com/analysis/btc/bitcoin-price-regains-strength-17k/" rel="noopener">100 hourly simple moving average</a>. Bitcoin worth is now consolidating positive factors close to the $17,150 stage. There was a minor decline beneath the 23.6% Fib retracement stage of the latest improve from the $16,880 low to $17,247 excessive. On the upside, a direct resistance is close to the $17,150 stage. There may be additionally a serious 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 worth could maybe revisit the $17,450 zone. <a target="_blank" href="https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-8.png" rel="noopener"><img loading="lazy" class="alignnone size-full wp-image-512180" src="https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-8.png" alt="Bitcoin Price " width="1834" height="845" srcset="https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-8.png 1834w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-8-460x212.png 460w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-8-860x396.png 860w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-8-768x354.png 768w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-8-1536x708.png 1536w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-8-750x346.png 750w, https://newsbtc.com/wp-content/uploads/2022/12/Bitcoin-8-1140x525.png 1140w" sizes="(max-width: 1834px) 100vw, 1834px"/></a> The subsequent main resistance is close to $17,500, above which the worth begin a gradual improve and rise in direction of the $18,000 zone within the close to time period. <h2>Dips Restricted in BTC?</h2> If bitcoin fails to clear the $17,150 resistance, there could possibly be a contemporary decline. An instantaneous help on the draw back is close to the $17,120 stage and the 100 hourly easy shifting common. The subsequent main help is close to the $17,000 zone. It's close to the 50% Fib retracement stage of the latest improve from the $16,880 low to $17,247 excessive. A draw back break beneath the $17,000 help would possibly name a drop in direction of $16,880. Any extra losses would possibly push the worth 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 Energy Index) – The RSI for BTC/USD is now above the 50 stage. Main Help Ranges – $17,000, adopted by $16,880. Main Resistance Ranges – $17,150, $17,300 and $17,450.

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