Monday, October 25, 2021
Home Crypto News Analysis Bitcoin Bulls Keep Pushing-Why $ 18.8K is a Crucial Breakout Zone-Detailed Bitcoin...

Bitcoin Bulls Keep Pushing-Why $ 18.8K is a Crucial Breakout Zone-Detailed Bitcoin Technical Analysis

- Advertisement -

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. 

Bitcoin Price Is Approaching The Main Obstacle.

Bitcoin Bulls Keep Pushing-Why $ 18.8K is a Crucial Breakout Zone-Detailed Bitcoin Technical Analysis

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. 

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.

- Advertisement -
Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Good Games Guild Announces Triple IDO on Seedify, Ignition, MoonStarter

Jakarta, Indonesia, 24th October, 2021, Good Games Guild, a gaming hub that aims to create the largest virtual world economy by optimizing its owned...

YearnNFT Finance: An Advanced Approach to NFTs with Digital Art and Collectibles

Since August, the market sales with respect to NFTs have skyrocketed, where a single NFT sales round up to millions worth. There have been...

The Bank Of Israel Aims To Launch Its CBDC On Ethereum

For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones that are...

Russian Central Bank Head Says Russia Is Not Ready To Launch Crypto ETFs

The head of the Bank of Russia, Elvira Nabiullina gave a negative answer to the question about the possibility of trading cryptocurrency ETFs in...

Spanish Banks Anxiously Waiting For Central Bank Approval To Work With Cryptocurrencies

Spanish banks are interested in providing cryptocurrency services directly to clients and expect the Spanish Central Bank will bring regulatory clarity for crypto.

Reddit Intend To Bring Its Non Fungible Token (NFT) Platform

Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods. ...

Second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) Started Trading On Nasdaq

On the Nasdaq Stock Exchange under the ticker BTF, a Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.