Bitcoin price is moving higher above $17,000. BTC/USD seems to be forming a minor uptrend and might rise towards the $18,000 level.
Bitcoin Price Recovers Some Ground
This past week, a support base was formed in bitcoin, ethereum, and xrp. The BTC/USD pair remained well bid above the $16,000 level and slowly moved higher.
A swing low was formed near $16,789 and the price recently climbed higher. There was a clear move above the $17,000 resistance zone. The price even surpassed the $17,280 zone and settled above the 50 simple moving average (4-hours, blue).
Bitcoin price 4-hours chart | Source: BTCUSD on TradingView.com
A high is formed near $17,436 and the price is now consolidating gains. It is trading well above the $17,000 level and the 50 simple moving average (4-hours, blue).
There is also a major bullish trend line forming with support at $16,750 on the 4-hours chart. On the upside, an immediate resistance is near the $17,450. The first major resistance is near the $17,500 level.
A clear move above the $17,500 level might send the price towards the $17,800 level. The next major resistance is near the $18,000 zone. If the bulls push the price above the $18,000 level, bitcoin price might accelerate higher.
In the stated case, the price could rise steadily towards the $18,400 resistance. Any more gains could set the pace for a test of the $18,800 resistance.
Downside Correction?
If there is no upside break above $17,500, the price start a downside correction. The first major support is near the $17,280 and $17,250 levels. It is close to the 23.6% Fib retracement level of the recent increase from the $16,789 swing low to $17,436 high.
The next key support sits near the $17,100 level. It is close to the 50% Fib retracement level of the recent increase from the $16,789 swing low to $17,436 high. A clear move below the $17,100 support could send the price towards the $16,750 support and the trend line zone. Any more losses may perhaps send the price in a bearish zone towards $16,000.
Overall, bitcoin price is moving slowly moving higher above $17,200. If there is a close above $17,500, it could rise towards $18,000 or even $18,500. Conversely, the price might start a fresh decline towards the $16,750 support zone.
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