Bitcoin price extended its increase and traded towards $17,500. BTC is consolidating gains and might aim a move towards the $18,000 resistance.

• Bitcoin extended its rise above the $17,200 and $17,250 resistance levels.
• The price is trading above $17,200 and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $17,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move up towards the $18,000 resistance zone.

Bitcoin Price Gains Momentum

Bitcoin price settled above the key $17,000 pivot zone, opening the doors for more gains. BTC climbed further higher and was able to clear the $17,250 resistance zone.

The price even broke the $17,400 resistance zone and tested the next barrier at $17,500. A high is formed near the $17,500 level the price is now consolidating gains. It is now testing the 23.6% Fib retracement level of the upward move from the $17,136 swing low to $17,500 high.

Bitcoin price is also trading above $17,200 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $17,350 on the hourly chart of the BTC/USD pair.

Source: On the upside, an immediate resistance is near the $17,500 level. The next major resistance is near the $18,000 zone, above which the price might accelerate higher. In the stated case, the price may perhaps rise towards the $18,500 level. Any more gains might send btc price towards the $19,200 level.

Dips Limited in BTC?

If bitcoin price fails to clear the $17,500 resistance, it could start a downside correction. An immediate support on the downside is near the $17,350 level and the trend line. The next major support is near the $17,270 level. It is near the 61.8% Fib retracement level of the upward move from the $17,136 swing low to $17,500 high. The main support is now forming near the $17,130 level, below which the price might retest $16,800. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $17,350, followed by $17,130. Major Resistance Levels – $17,500, $17,800 and $18,000.