Bitcoin price extended its rise and traded towards $17,400. BTC is correcting gains, but it remains well supported near the $17,000 zone.
- Bitcoin extended its increase above the $17,000 and $17,200 resistance levels.
- The price is trading above $17,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $16,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it stays above the $17,000 support and the trend line.
Bitcoin Price Extends Increase
Bitcoin price remained in a positive zone above the $16,800 level. BTC extended its increase after there was a clear close above the $17,000 level and the 100 hourly simple moving average.
The price gained pace and traded above the $17,250 level. It traded to a new yearly high at $17,391 before the bears appeared. There was a minor downside correction below the $17,250 level. It is now trading near the 50% Fib retracement level of the upward wave from the $16,911 swing low to $17,391 high.Bitcoin price is now trading above $17,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $16,880 on the hourly chart of the BTC/USD pair.
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