Bitcoin price rallied more than 4%, and it broke the $ 18,500 level against the US dollar. BTC is currently following an excellent bullish path, but the $ 18,800 level is strong resistance.
Bitcoin rallies and has broken through the critical resistance of $ 18,500.
The price is trading ar $ 18500 range and is now above the 100-hour simple moving average.
BTC/USD pair is forming a sizeable upward channel with support around $ 18,280 on the hourly chart. Bulls may face a massive resistance near the $ 18,800 zone.Â
Bitcoin Price Is Approaching The Main Obstacle.
In the weekly analysis, we saw a new rise in bitcoin price above the $ 18,000 level. BTC continued to rise above the $ 18,200 and $ 18,400 resistance levels.
There was also a break above the $ 18,500 resistance level. The price traded at $ 18,559 and is now above the 100-hour simple moving average. It is currently consolidating gains and is trading near the $ 18,450 level.
An initial support on the downside is near the $ 18,410 level. It is close to the 23.6% Fibonacci retracement level of the recent advance from the swing low of $ 17,950 to the high of $ 18,550.Â
Moreover, on the BTC / USD pair’s hourly chart, a large upward channel is forming with support around $ 18,270. Channel support is close to the 50% Fibonacci retracement level of the recent advance from a swing low of $ 17,950 to a high of $ 18,550. On the other hand, channel resistance at $ 18,655 is short-term resistance.
The first serious resistance for the bulls lies near the $ 18,810 level. A successful break above the $ 18,810 level could trigger a strong upward move, and Bitcoin could rise above $ 19,000 and even $ 19,200.
Another drop in BTC?
If Bitcoin fails to overcome the breakout resistance at $ 18,800, there is a risk of another decline. An initial support on the downtrend is near the $ 18,250 level or the channel’s lower trendline.
A clear break below the channel support level could lead to a sustained decline to $ 18,000. The next significant support below the $ 18,000 level is near the $ 17,400 level and the 100-hour simple moving average.
Technical indicatos
The Hourly MACD is currently gaining momentum in a bullish zone. The Hourly RSI for BTC / USD is currently well above the 60 levels with bullish signs. Major Support Levels are $ 18,255 followed by $ 18,000. And Major resistance levels are $ 18,658, $ 18,810 and $ 19,000.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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