Bitcoin worth climbed larger in the direction of $18,400 earlier than there was a bearish response. BTC is now buying and selling close to a serious help at $17,550 and may bounce again.
- Bitcoin broke the $18,000 resistance zone earlier than there was a draw back correction.
- The worth is buying and selling above $17,500 and the 100 hourly easy transferring common.
- There is a key bullish pattern line forming with help close to $17,580 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a contemporary enhance except it trades beneath the 100 hourly SMA.
Bitcoin Price Remains Supported
Bitcoin price extended its increase above the $17,800 resistance zone. BTC even climbed above the $18,000 resistance zone and settled effectively above the 100 hourly easy transferring common.
The worth traded as excessive as $18,387 earlier than there was a bearish response. The Fed elevated rates of interest by 0.5%, sparking sharp strikes available in the market. BTC worth reacted the draw back and traded beneath the $18,000 help zone. There was a transparent transfer beneath the 23.6% Fib retracement stage of the upward transfer from the $16,880 low to $18,387 excessive.
However, bitcoin worth is buying and selling above $17,500 and the 100 hourly simple moving average. It is holding the 50% Fib retracement stage of the upward transfer from the $16,880 low to $18,387 excessive.
There can also be a key bullish pattern line forming with help close to $17,580 on the hourly chart of the BTC/USD pair. On the upside, a direct resistance is close to the $17,900 stage. The first main resistance is close to the $18,000 zone, above which the value might maybe revisit the $18,400 zone.
The subsequent main resistance is close to $18,500, above which the value may acquire tempo and rise in the direction of the $19,200 zone within the close to time period.
Downside Break in BTC?
If bitcoin fails to clear the $18,000 resistance, there might be extra downsides. An speedy help on the draw back is close to the $17,580 stage and the pattern line help.
The subsequent main help is close to the $17,400 zone and the 100 hourly easy transferring common. A draw back break beneath the $17,400 help may name extra losses. In the said case, the value might decline in the direction of the $16,800 help within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $17,580, adopted by $17,400.
Major Resistance Levels – $17,900, $18,000 and $18,500.
