Bitcoin price started a downside correction from the $17,500 resistance. BTC is trading above the $16,800 support and might start a fresh increase.
- Bitcoin tested the $16,800 support zone and traded as low as $16,888.
- The price is trading near $17,000 and the 100 hourly simple moving average.
- There was a break above a key contracting triangle with resistance near $17,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must stay above the $16,800 support to start a fresh increase.
Bitcoin Price Holds Key Support
Bitcoin price attempted another increase above the $17,500 resistance zone. However, BTC failed to gain strength above the $17,400 level. A high was formed near $17,440 before there was a downside correction.
There was a move below the $17,200 support zone and the 100 hourly simple moving average. However, the bulls were active above the $16,800 support zone. A low was formed near $16,888 and the price is now consolidating losses.There was a minor increase above the $17,000 level. Bitcoin price is now trading near $17,000 and the 100 hourly simple moving average. Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low.
There was also a break above a key contracting triangle with resistance near $17,000 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $17,170 level. It is near the 50% Fib retracement level of the recent drop from the $17,440 swing high to $16,888 low.