The position of Bitcoin! Resistances and supports! Which side?!
Updated
Yesterday, Bitcoin had a complete range trend in the lower time frames. Of course, encountering resistance between 17,115 and 17,360 dollars has made it difficult for buyers and sellers to make decisions.
If Bitcoin fails to clear the $17,280 resistance, there could be a fresh bearish reaction. Immediate support on the downside is near the $17,100 level.
The next major support is near the $17,000 zone and the 100 hourly simple moving average. A downside break below the $17,000 support might call for a drop toward $16,700. Any more losses might push the price toward the $16,200 zone in the near term.
On the upside, immediate resistance is near the $17,280 level. The first major resistance is near the $17,450 zone, above which the price may perhaps start another steady increase. The price could rise toward the $18,000 resistance in the stated case. The next major resistance is near $18,250, above which the price rise towards the $18,500 zone in the near term.
If Bitcoin fails to clear the $17,280 resistance, there could be a fresh bearish reaction. Immediate support on the downside is near the $17,100 level.
The next major support is near the $17,000 zone and the 100 hourly simple moving average. A downside break below the $17,000 support might call for a drop toward $16,700. Any more losses might push the price toward the $16,200 zone in the near term.
On the upside, immediate resistance is near the $17,280 level. The first major resistance is near the $17,450 zone, above which the price may perhaps start another steady increase. The price could rise toward the $18,000 resistance in the stated case. The next major resistance is near $18,250, above which the price rise towards the $18,500 zone in the near term.
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In the 4-hour timeframe, we can see a compression zone below the current resistance, which can become a volatile market at the beginning of the new week or in the last hours of the current week.
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