TA: Bitcoin Price Smashes Key Resistance, Why $17K Could Be Next

TA: Bitcoin Price Smashes Key Resistance, Why $17K Could Be Next


Bitcoin price gained bullish momentum and it broke the $16,500 resistance against the US Dollar. BTC is likely to continue higher towards $17,000 as long as it is above $16,200.

Bitcoin regained strength and it broke the $16,500 and $16,600 resistance levels. The price traded to a new monthly high at $16,897 and settled above the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $16,725 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct a few points, but the bulls are likely to remain active near $16,500. Bitcoin Price Signaling More Upsides

After forming a base near the $15,800 level, bitcoin price started a fresh increase. BTC broke the $16,200 and $16,350 resistance levels to move back into a positive zone.

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The upward move was such that the price broke the $16,500 resistance. The price traded towards the $17,000 level and a new monthly high

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