Is Bitcoin out of the danger zone and an upward breakthrough shaping up?

Bitcoin has moved up and recovered from the $16000 level 4 times since November and now testing the $17000 resistance level while moving sideways. The pair now need to stay above the $17000 Pivot level on the chart for any upward breakthrough. Check the below heat map of Crypto pairs depicting a jump in the whole crypto arena in yesterday’s session. It seems the consolidation under the $17K level is over and after a period of non-volatility the big move up is shaping up.

XBTUSD Chart Analysis

The below Bitcoin chart shows that the crypto stagnation period is over and a demand zone is forming just below the $17000 level. There is still a sense of fear in investors. However, this can be quickly replaced by a rush to buy crypto as soon as any signs of upward breakthrough returns. The Upward parallel channel we have on the chart shows the pair has moved up from the bottom limit of the channel and crossed above the midline channel resistance. This could indicate a bullish continuation if prices stay above this level around $17200.

The below Bitcoin chart shows that the crypto stagnation period is over and a demand zone is forming just below the $17000 level. There is still a sense of fear in investors. However, this can be quickly replaced by a rush to buy crypto as soon as any signs of upward breakthrough returns. The Upward parallel channel we have on the chart shows the pair has moved up from the bottom limit of the channel and crossed above the midline channel resistance. This could indicate a bullish continuation if prices stay above this level around $17200.

XBT/USD Chart Direction Bias – 1 Week

Trade Insights – XBTUSD

The chart shows viable long positions above the major pivot point at $17050 to first test the Resistance Level at $17890.  We could further long after consolidation at this level test the Resistance zone between $18500 to $19000.

Alternatively, possible short positions below the major pivot level at $17050 with the first target of the key support level at $17890 and if the pair drops below the support level, then further short positions to test the Support zone between $15500 to $15000.