Blog

Bitcoin worth climbed greater in direction of $18,400 earlier than there was a bearish response. BTC is now buying and selling close to a serious assist 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 assist close to $17,580 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may begin a recent enhance until it trades under 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 nicely 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 under the $18,000 assist zone. There was a transparent transfer under the 23.6% Fib retracement degree 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 degree of the upward transfer from the $16,880 low to $18,387 excessive.

There can be a key bullish pattern line forming with assist 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 degree. The first main resistance is close to the $18,000 zone, above which the value could maybe revisit the $18,400 zone.

The subsequent main resistance is close to $18,500, above which the value may achieve tempo and rise in 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 rapid assist on the draw back is close to the $17,580 degree and the pattern line assist.

The subsequent main assist is close to the $17,400 zone and the 100 hourly easy transferring common. A draw back break under the $17,400 assist may name extra losses. In the acknowledged case, the value may decline in direction of the $16,800 assist 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 under the 50 degree.

Major Support Levels – $17,580, adopted by $17,400.

Major Resistance Levels – $17,900, $18,000 and $18,500.