<\/a><\/p>\nThe first major resistance is near the $17,200 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,450 resistance. The next major resistance is near $17,500, above which the price rise towards the $18,000 zone in the near term.<\/p>\n
More Losses in BTC?<\/h2>\n If bitcoin fails to start a fresh increase above the $17,170 resistance, there could be more downsides. An immediate support on the downside is near the $16,880 level.<\/p>\n
The next major support is near the $16,800 zone. A downside break below the $16,800 support might call a drop towards $16,500. Any more losses might call for a test of the key $16,000 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $16,800, followed by $16,500.<\/p>\n
Major Resistance Levels \u2013 $17,170, $17,200 and $17,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
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. The first major resistance is near the $17,200 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,450 resistance. The next major resistance is near $17,500, above which the price rise towards the $18,000 zone in the near term. More Losses in BTC? If bitcoin fails to start a fresh increase above the $17,170 resistance, there could be more downsides. An immediate support on the downside is near the $16,880 level. The next major support is near the $16,800 zone. A downside break below the $16,800 support might call a drop towards $16,500. Any more losses might call for a test of the key $16,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $16,800, followed by $16,500. Major Resistance Levels \u2013 $17,170, $17,200 and $17,500.<\/p>\n","protected":false},"author":67,"featured_media":460005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-511422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n
Bitcoin Price Consolidates Near $17K: What Could Trigger A Fresh Increase<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n