Bitcoin price climbed higher above the $16,800 resistance. BTC could rise further if it clears the $17,000 and $17,050 levels.
- Bitcoin is slowly moving higher above the $16,800 and $16,850 resistance levels.
- The price is trading above $16,700 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $16,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise steadily if there is a close above the $17,000 resistance.
Bitcoin Price Climbs Higher
Bitcoin price remained stable above the $16,500 support zone. BTC started a decent increase and was able to clear the $16,800 resistance level.
The price even surged above the $16,850 level and the 100 hourly simple moving average. There was a spike towards the $17,000 level. A high was formed near $16,987 and the price is now correcting gains. There was a minor move below the $16,900 level.The price spiked below the 50% Fib retracement level of the recent increase from the $16,614 swing low to $16,987 high. Bitcoin price is now trading above $16,700 and the 100 hourly simple moving average.
There is also a major bullish trend line forming with support near $16,700 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $16,900 level.