BTCUSD (Bitcoin) pierced through its simple moving averages (SMAs) for the first time since the start of November to crawl back above the 17,000 round level.
While the weekly resistance of 17,380 seems to be a hurdle at the moment, and some weakness is evident in the RSI and the MACD, the indicators keep hanging within the bullish area, promoting a continuation higher. If that proves to be the case, the spotlight will shift towards the 38.2% Fibonacci retracement of November’s fall, seen at 17,842. Additional gains may flirt with the 50% and 61.8% Fibonacci levels at 18,540 and 19,240 respectively. Yet, whether the bulls have enough fuel to trim the collapse from 21,470 remains to be seen.
Should the bears retake control, squeezing the price beneath the 17,000–16,780 support region, some congestion could initially develop somewhere between 16,330 and 16,000 before the door opens again for the 15,749 low.
In short, BTCUSD is facing renewed downside pressures around 17,380. A successful close higher would strengthen the bull case.
