It seems that the Bulls are planning to attack $17,000
Updated
Bitcoin has started its work today with strong upward momentum, and it seems that the Bulls are planning to attack $17,000.
Bitcoin reacted positively the previous day by being supported in the $16,650 range.
Bitcoin Dominance has broken both dynamic and static support and can now further decline after a pullback, and the trend can turn bearish in the 4-hour timeframe.
Note that the RSI is above 50, and the price trades above the 100 hourly simple moving average.
If Bitcoin can overcome the $16,800 resistance that it is currently struggling with, the serious resistance in front of it will be $17,000.
Conversely, if it cannot stabilize its price above $16,800, the next major support is $16,680. With this support broken, the next key support in the $16,650 area is its next destination.
We will update you with any important changes.
Bitcoin reacted positively the previous day by being supported in the $16,650 range.
Bitcoin Dominance has broken both dynamic and static support and can now further decline after a pullback, and the trend can turn bearish in the 4-hour timeframe.
Note that the RSI is above 50, and the price trades above the 100 hourly simple moving average.
If Bitcoin can overcome the $16,800 resistance that it is currently struggling with, the serious resistance in front of it will be $17,000.
Conversely, if it cannot stabilize its price above $16,800, the next major support is $16,680. With this support broken, the next key support in the $16,650 area is its next destination.
We will update you with any important changes.
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The previous day, after entering a corrective wave, Bitcoin fell to the support level of $16,800 and continued its upward trend near the $17,000 resistance. Still, the support we defined for it has prevented the price from falling, but the intensity of the negative reaction to the higher resistance can range the trend of Bitcoin. Even if the current support is lost, a deeper decline and correction to the $16,750 range is possible. Therefore, the short-term trend will be bullish until the $16,670 range is broken. For today and tomorrow, due to macroeconomic news, there is a high possibility of extreme volatility, which increases the possibility of a pullback to the $16,730 range. Therefore, compliance with capital management is one of the main principles in financial markets.
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