{"id":15598,"date":"2023-01-09T03:55:33","date_gmt":"2023-01-09T07:55:33","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=15598"},"modified":"2023-01-09T03:55:33","modified_gmt":"2023-01-09T07:55:33","slug":"bitcoin-price-breaks-key-barrier-and-aims-fresh-rally-to-18k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/09\/bitcoin-price-breaks-key-barrier-and-aims-fresh-rally-to-18k\/","title":{"rendered":"Bitcoin Price Breaks Key Barrier And Aims Fresh Rally To $18K"},"content":{"rendered":"

Bitcoin price gained pace and cleared the $17,000 resistance. BTC is showing positive signs and might rise towards the $18,000 resistance.<\/em><\/p>\n

Bitcoin started a fresh increase above the $16,800 and $17,000 resistance levels.
\nThe price is trading above $16,800 and the 100 hourly simple moving average.
\nThere is a major bullish trend line forming with support near $16,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further towards the next hurdle near the $18,000 resistance.<\/p>\n

Bitcoin Price Gains Momentum<\/h2>\n

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

There was a close above the $17,000 level and the 100 hourly simple moving average. The price traded to a new yearly high at $17,244 and broke a major barrier. It is now consolidating gains above the $17,000 level. It is also trading above the 23.6% Fib retracement level of the upward move from the $16,910 swing low to $17,244 high.<\/p>\n

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

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

On the upside, an immediate resistance is near the $17,250 level. The next major resistance is near the $17,500 zone. A clear move and close above the $17,500 resistance might start another rally in the near term. In the stated case, the price may perhaps rise towards the $18,000 level. Any more gains might call for a move towards the $18,500 level.<\/p>\n

Dips Limited in BTC?<\/h2>\n

If bitcoin price fails to clear the $17,250 resistance, it could start a downside correction. An immediate support on the downside is near the $17,150 level.<\/p>\n

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

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $17,150, followed by $17,000.<\/p>\n

Major Resistance Levels \u2013 $17,250, $17,500 and $18,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price gained pace and cleared the $17,000 resistance. BTC is showing positive signs and might rise towards the $18,000 resistance.<\/em><\/p>\n

Bitcoin started a fresh increase above the $16,800 and $17,000 resistance levels.
\nThe price is trading above $16,800 and the 100 hourly simple moving average.
\nThere is a major bullish trend line forming with support near $16,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further towards the next hurdle near the $18,000 resistance.<\/p>\n

Bitcoin Price Gains Momentum<\/h2>\n

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

There was a close above the $17,000 level and the 100 hourly simple moving average. The price traded to a new yearly high at $17,244 and broke a major barrier. It is now consolidating gains above the $17,000 level. It is also trading above the 23.6% Fib retracement level of the upward move from the $16,910 swing low to $17,244 high.<\/p>\n

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

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

On the upside, an immediate resistance is near the $17,250 level. The next major resistance is near the $17,500 zone. A clear move and close above the $17,500 resistance might start another rally in the near term. In the stated case, the price may perhaps rise towards the $18,000 level. Any more gains might call for a move towards the $18,500 level.<\/p>\n

Dips Limited in BTC?<\/h2>\n

If bitcoin price fails to clear the $17,250 resistance, it could start a downside correction. An immediate support on the downside is near the $17,150 level.<\/p>\n

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

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $17,150, followed by $17,000.<\/p>\n

Major Resistance Levels \u2013 $17,250, $17,500 and $18,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-15598","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/15598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=15598"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/15598\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=15598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=15598"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=15598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}