Bitcoin (BTC) is still battling to climb past the $17,000 mark. However, the leading crypto will likely obtain bullish strength upon a closing beyond the resistances at $17K and $17.2K. Meanwhile, the latest price actions saw BTC surging past the obstacle at $16.8K.
BTC attempted a break beyond the $17K resistance but couldn’t acquire enough upward momentum. The bulls recorded unsuccessful tries twice as the $17,000 obstacle seemed challenging. However, Bitcoin’s latest high was around $16,920, and the crypto is stabilizing within a range.
The asset reversed some points & tested the 23.6% Fibonacci retracement of the surges from a $16,565 swing low to $16,920. BTC exchange hands beyond $16,750 and the 100hr SMA. Moreover, BTC/USD’s hourly timeframe indicates a bullish line developing with footing at $16,820.
BTC Technical Outlook
BTC upsides will encounter the nearest resistance mark at $16,920. Meanwhile, the significant initial obstacle stands at $17K. The primary barrier remains at $17.2K. A decisive 24hr closing beyond the $17.2K value area might signal a stable rebound for the crypto. On the other hand, that might push the asset toward the substantial obstacle near $17.5K, opening the gates toward $18K.
Further bullish action might catalyze movements toward the resistance of $18.5K. Nonetheless, Bitcoin will encounter new slides if it fails to overpower the barrier at $17K. Downward moves will explore the first support at $16,820, the 100hr Simple Moving Average, and the trend line.
Bitcoin’s next massive support is $16,750, near the 50% Fibonacci retracement of the increase from $16,565 to $16,920. A break beneath the $16,750 foothold might crash BTC/USD to $16,570. More bearishness would drag the bellwether crypto to $16,350.
XRP/USD Technical Outlook
Ripple contemplates a move past the $0.365 obstacle versus the USD. Meanwhile, the price might struggle to accumulate upward momentum if its stays beneath $0.3720. Moreover, failure to overpower $0.372 might welcome new dips. The initial reliable support stands at around $0.358.
XRP’s other substantial support floor stands near $0.355. A break and closing beneath $0.355 may prolong the downward trip for Ripple. That could drag the remittance crypto below the support at $0.332.