Key Resistance Smashed: Bitcoin’s Price Aims For $17,000

Having the key resistance smashed, Bitcoin now aims for the $17,000 price level after gaining bullish momentum and breaking over the $16,500 against the US dollar. BTC will likely continue higher as long as it stands above $16,200 so let’s see more in our latest bitcoin news.

The price traded to a new monthly high of $16,897 and settled above the 100 hourly simple moving average with a short-term contracting triangle that forms with the resistance close to the $16,725 on the hourly charts of the pair. BTC/USD could correct slightly but the bulls are likely to remain active at the $16,500 zone.  After forming a strong base at the $15,800 level, the BTC price started a fresh increase and broke the $16,200 as well as the $16,350 resistance levels to move into the positive zone. The move to the upside was strong enough to break past the ,500 resistance.
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The price traded towards the $17,000 level and the new monthly high was immediately formed at $16,897. Bitcoin is now consolidating the gains below $16,800 and it is well above the 100 hourly simple moving average. With the initial support standing at the $16,630 level, the price got closer to the 23.6% fib retracement level from the rally at $15,796 low to $16,897 high. There’s a short-term contracting triangle forming with the resistance at $16,725 on the hourly charts of the pair with triangle support closing in on the $16,630 level below which the price could start testing the 50% fib retracement level from the rally at the $15,796 low to $16,897 high.

Looking at the upside, a clear break above the $16,725 and the $16,750 levels could mean a new increase is on the way, having the key resistance smashed already. The next major resistance is set at $16,850 and $16,900 levels above which the bulls will aim for a break above $17,000. If BTC fails to clear the triangle resistance of $16,750, there’s a short-term downside correction on the horizon. By breaking below the triangle support, the price could enter into the $16,500 support zone. The hourly MACD is moving into the bearish zone while the hourly RSI for the pair is correcting lower in the 60 level.

The Bitcoin rally outlook towards $17,000 looks bright as the benchmark cryptocurrency went through a quiet weekend of trading, struggling to gain immense momentum with the bulls and bears fighting, as we reported in our latest Bitcoin news.