Bitcoin started a fresh increase above the resistance!
Bitcoin started a fresh increase above the $17,000 - 17,200 resistance levels.
The price is above $16,800 and the 100 hourly simple moving average.
It breaks the bull flag in an upward direction. We see a test of the major resistance area, and let's see if it can break above it. If Bitcoin can break above $18,500, the market will turn bullish. The RSI is now in the overbought zone.
Bitcoin's hash rate is now down 13% from an all-time high, as we've seen more miner capitulation over the last couple of weeks.
A downside break below the $17,000 support might call for a move toward $16,750. Any more losses might call for a test of the key $16,500 support zone in the near term.
Until further notice, we consider the possibility of returning to the area of 16,000 dollars higher than the possibility of climbing beyond 18,000.
We'll update the chart.
The price is above $16,800 and the 100 hourly simple moving average.
It breaks the bull flag in an upward direction. We see a test of the major resistance area, and let's see if it can break above it. If Bitcoin can break above $18,500, the market will turn bullish. The RSI is now in the overbought zone.
Bitcoin's hash rate is now down 13% from an all-time high, as we've seen more miner capitulation over the last couple of weeks.
A downside break below the $17,000 support might call for a move toward $16,750. Any more losses might call for a test of the key $16,500 support zone in the near term.
Until further notice, we consider the possibility of returning to the area of 16,000 dollars higher than the possibility of climbing beyond 18,000.
We'll update the chart.
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