Bitcoin price is gaining pace above the $17,000 resistance. BTC/USD could rise steadily if there is a close above the $17,580 resistance zone.
Bitcoin Price Clears $17K
After a major decline, bitcoin price formed a support base near the $16,250 zone. The BTC/USD pair remained stable above the $16,250 zone and started a decent increase. The price was able to clear the $16,500 and $16,600 resistance levels to move into a bullish zone.
In the past few sessions, there was a strong push in bitcoin and altcoins such as ethereum, bnb, xrp, cardano, and solana. BTC price was able to clear a major contracting triangle with resistance near $16,900 on the 4-hours chart.
Bitcoin price 4-hours chart | Source: BTCUSD on TradingView.com
The bulls were able to push the price above the 23.6% Fib retracement level of the key decline from the $18,390 swing high to $16,260 low. It is now trading above the $17,000 level and the 50 simple moving average (4-hours, blue).
On the upside, an immediate resistance is near the $17,350 level. The first major resistance is near the $17,580 level. It is near the 50% Fib retracement level of the key decline from the $18,390 swing high to $16,260 low.
A close above the $17,580 level might start a strong increase towards the $18,250 level. The next major resistance is near the $18,500 zone. Any more gains might send the price towards the $19,000 resistance zone, above which the price could start a major increase in the coming days. In the stated case, the price could rise towards the $20,000 level.
Downside Correction?
If not, there might be a downside correction from $17,350 or $17,580. On the downside, the first major support is near the $17,100 level. The next key support sits near the $16,900 level and the 50 simple moving average (4-hours, blue).
A clear move below the $16,900 support could spark a bearish move. The next major support is near the $16,700 support zone. Any more losses may perhaps send the price towards $16,250.
Overall, bitcoin price is gaining pace above the $17,000 resistance zone. If there is a close above the $17,580 level, BTC may perhaps rise towards the $18,000 level. Conversely, the price might start another drop and revisit the $16,700 support zone.
The post Bitcoin Price Bullish Signal, Here Are Next Possible Bullish Targets appeared first on CoinChapter.
