Bitcoin Seeks to Break Above $17,000; XRP to Rebound Above $0.3560
Bitcoin is still seeking to break above $17,000 on the upside. BTC could acquire bullish momentum if it closes over the $17,000 and $17,200 resistance levels. Bitcoin’s price has recently risen beyond the $16,800 resistance level.
BTC tried to break above the $17,000 resistance level but failed to gather upward momentum. The bulls made two unsuccessful tries to break through the $17,000 resistance level. The most recent high was near $16,920, and the market is currently stabilizing in a range. It reversed a few points and tested the 23.6% Fib retracement line of the upward run from the swing low of $16,565 to the high of $16,920.
BITCOIN is trading above the $16,750 mark and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key bullish trend line is forming with support near $16,820.
Bitcoin (BTC/USD) Technical Outlook
On the upside, an immediate resistance level is near $16,920. The first significant resistance is located near the $17,000 level. The biggest barrier is still around $17,200. A proper daily close above the $17,200 resistance level could signal the start of a steady rebound wave. The next significant obstacle is near $17,500, and the price will move to the $18,000 resistance zone.
Any further increases might trigger a move toward the $18,500 resistance level. A new dip is possible if bitcoin fails to break through the $17,000 barrier. On the downside, immediate support is near the $16,820 level, the trend line, and the 100 hourly SMA.
The next big support is around $16,750. It is close to the 50% Fib retracement level of the upward advance from the swing low of $16,565 to the high of $16,920. A breach below the $16,750 support level might take the pair down to the $16,570 level. Any further declines might push the price down to $16,350.
Ripple (XRP/USD) Technical Outlook
Ripple seeks to break over the $0.365 resistance zone versus the US Dollar. If the XRP price remains below the $0.3720 resistance, it may struggle to gain traction. If XRP/USD fails to break through the $0.372 resistance level, it may begin a new drop. On the downside, an initial support level is near $0.358.
The next significant support level is around $0.355. If the xrp price breaks down and closes below $0.355, it may prolong losses. In the aforementioned scenario, the price could even fall below the $0.332 support.
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