Bitcoin price is breaking the key barrier and aiming a fresh rally to $18,000

the Bitcoin-Prize picked up pace and overcame the Resistance from $17,000. BTC is showing positive signs and it could rise towards the $18,000 resistance.

• Bitcoin started a fresh increase above the $16,800 and $17,000 resistance levels.
• The price is trading above $16,800 and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $16,800 on the hourly chart of the BTC/USD pair (data feed by Kraken).
• The pair could continue to rise towards the next hurdle near the $18,000 resistance.

Bitcoin price is gaining momentum

Bitcoin price formed a support base above the $16,650 level. BTC remained well bid and started a fresh increase above the $16,800 and $17,000 resistance levels.

There was a close above the $17,000 level and the 100 hourly simple moving average. The price made a new yearly high at $17,244, breaking a key barrier. It is now consolidating gains above the $17,000 level. It is also trading above the 23.6% Fib retracement level of the bullish move from the $16,910 low to the $17,244 high.

Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $16,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, there is an immediate resistance near $17,250. The next major resistance is near the $17,500 zone. A sharp move and a close above the $17,500 resistance could trigger another rally in the near term. In the mentioned case, the price could perhaps rally towards the $18,000 level. Further gains might require a move towards the $18,500 level.

Dips Limited to BTC?

If bitcoin price fails to clear the $17,250 resistance, it might start a downside correction. Immediate support on the downside is near $17,150.

The next major support is near $17,000. It is near the 50% Fib retracement level of the move up from the $16,910 low to the $17,244 high. The main support is now forming near the $17,000 zone, below which the price might retest the $16,800 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength index) – RSI for BTC/USD is now above the 50 level.

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

Major resistance levels – $17,250, $17,500 and $18,000.