Bitcoin price key trend forming and BTC may rise to $18K soon

Bitcoin price gained momentum for another move above $17,000. BTC is rising and may climb higher towards the $18,000 resistance zone.

• Bitcoin started a new rally above the $17,000 and $17,200 resistance levels.
• The price is trading above $16,800 and the 100 hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $17,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair seems to see a move towards the $17,650 or even $18,000 resistance.

Increase of Bitcoin Price again

Bitcoin price found support near the $16,800 zone after a downside correction. BTC remained a good bet and started another rise above the $17,000 resistance zone.

It even breached the $17,150 level and settled above the 100 hourly simple moving average. The price took off above the 76.4% Fib retracement level in the downward move from the $17,315 swing high to the $16,784 swing low. Also, there was a break above a major bearish trend line with resistance near $17,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. It is trading near the $17,250 level. On the upside, an immediate resistance is near the $17,350 level.

The first major resistance is near the $17,450 zone, above which the price may start another steady rise. In the indicated case, the price may rise towards the $17,650 resistance. It is near the 1,618 Fib extension level for the downward movement from $17,315 swing high to $16,784 swing low.

Source: BTCUSD on TradingView.com

The next major resistance is near $18,000, above which the price may attempt a move towards the $18,500 zone in the short term.

Dips Limited in BTC?

If bitcoin fails to start another rally above the $17,350 resistance, there could be more downside. An immediate support on the downside is near the $17,150 level.

The next major support is near the $17,000 zone and the 100-hour simple moving average. A downside break below the $17,000 support could call for a move towards $16,750. Any further losses may require a test of the key support zone at $16,500 in the near term.

Technical indicators:

Hourly MACD – MACD is now picking up speed in the bullish zone.

Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now in the overbought zone.

Major support levels – $17,150, followed by $17,000.

Major resistance levels – $17,350, $17,450 and $18,000.