The increase in the price of Bitcoin continued during the last day, January 10, and this cryptocurrency was traded up to the level of $17,400. Bitcoin is currently consolidating and correcting gains, but there is good support in the $17,000 area.
According to Wallex and quoted by NewsBTC, Bitcoin was able to maintain its price above the $16,800 range. After forming a candle above the $17,000 level and the 100-hour simple moving average, Bitcoin accelerated its upward trend.
The price of Bitcoin went up and exceeded $17,259. Before the sellers took the upper hand, this currency even reached the price of 17391 dollars. After that, the price corrected a little and reached below $17,250. Bitcoin price is currently near the 50% level of the Fibonacci retracement indicator (drawn between the low of $16,911 and the high of $17,391).
Additionally, a bullish trendline is forming with support near $16,880 on Bitcoin’s hourly chart.
Bitcoin analysis shows that if the bull market continues, the resistances on the way of the price are in the ranges of 17,280 and 17,400 dollars, respectively. If these two prices are crossed and a candle is formed above the psychological level of $17,500, the target of $18,000 may not be out of reach.
On the other hand, if the price of Bitcoin cannot easily cross $17,300, the price correction can continue. The first support level on the downside is near $17,150.
The next major support is at $17,080. This price is close to the 61.8% Fibonacci retracement level. A new key support is now forming at $17,000 and near the mentioned trend line. The failure of this support will mean a further drop to $16,500 and a retest of this level.
Bitcoin’s MACD indicator is now decelerating in bullish territory, and the Relative Strength Index (RSI) is above the 50 level.
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