Bitcoin value prolonged its enhance and surged above $18,000. BTC is gaining tempo and would possibly rise in the direction of the $19,000 resistance zone.
- Bitcoin prolonged its rise above the $17,500 and $18,000 resistance ranges.
- The value is buying and selling above $18,000 and the 100 hourly easy transferring common.
- There is a key bullish development line forming with help close to $17,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may proceed to maneuver up in the direction of the $19,000 resistance zone.
Bitcoin Price Rallies 5%
Bitcoin value gained tempo after there was a detailed above the $17,000 pivot zone. BTC accelerated greater above the $17,250 resistance zone to maneuver right into a constructive zone, just like ethereum.
The value climbed above the $17,500 resistance zone to start out a powerful enhance. The bulls even pumped the worth above the $18,000 resistance zone. A excessive was fashioned close to $18,367 and the worth is now consolidating beneficial properties.
Bitcoin value is buying and selling above $18,000 and the 100 hourly simple moving average. There can be a key bullish development line forming with help close to $17,400 on the hourly chart of the BTC/USD pair. It can be nicely above the 23.6% Fib retracement stage of the current surge from the $17,308 swing low to $18,367 excessive.
Source: BTCUSD on TradingView.com
On the upside, an instantaneous resistance is close to the $18,350 stage. The subsequent main resistance is close to the $18,500 zone, above which the worth would possibly proceed to maneuver up. In the acknowledged case, the worth might maybe rise in the direction of the $19,200 stage. Any extra beneficial properties would possibly ship btc value in the direction of the $20,000 stage.
Dips Attractive in BTC?
If bitcoin value fails to clear the $18,350 resistance, it may begin a draw back correction. An instant help on the draw back is close to the $18,120 stage.
The subsequent main help is close to the $17,800 stage. It is close to the 50% Fib retracement stage of the current surge from the $17,308 swing low to $18,367 excessive. The foremost help is now forming close to the $17,400 stage and the development line, beneath which the worth would possibly retest $17,000.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $18,120, adopted by $17,800.
Major Resistance Levels – $18,350, $18,500 and $19,200.
