Bitcoin price gained pace and cleared the $17,000 resistance. BTC is showing positive signs and might rise towards the $18,000 resistance.
- Bitcoin started a fresh increase above the $16,800 and $17,000 resistance levels.
- The price is trading above $16,800 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $16,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further towards the next hurdle near the $18,000 resistance.
Bitcoin Price Gains Momentum
Bitcoin price formed a support base above the $16,650 level. BTC remained well bid and started a fresh increase above the $16,800 and $17,000 resistance levels.
There was a close above the $17,000 level and the 100 hourly simple moving average. The price traded to a new yearly high at $17,244 and broke a major barrier. It is now consolidating gains above the $17,000 level. It is also trading above the 23.6% Fib retracement level of the upward move from the $16,910 swing low to $17,244 high.Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $16,800 on the hourly chart of the BTC/USD pair.
Source: