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Bitcoin worth prolonged its improve and surged above $18,000. BTC is gaining tempo and would possibly rise in direction of the $19,000 resistance zone.

• Bitcoin prolonged its rise above the $17,500 and $18,000 resistance ranges.
• The worth is buying and selling above $18,000 and the 100 hourly easy shifting common.
• There is a key bullish development line forming with assist 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 direction of the $19,000 resistance zone.

Bitcoin Price Rallies 5%

Bitcoin worth gained tempo after there was an in depth above the $17,000 pivot zone. BTC accelerated increased above the $17,250 resistance zone to maneuver right into a constructive zone, just like ethereum.

The worth climbed above the $17,500 resistance zone to start out a powerful improve. The bulls even pumped the value above the $18,000 resistance zone. A excessive was shaped close to $18,367 and the value is now consolidating beneficial properties.

Bitcoin worth is buying and selling above $18,000 and the 100 hourly simple moving average. There can also be a key bullish development line forming with assist close to $17,400 on the hourly chart of the BTC/USD pair. It can also be effectively above the 23.6% Fib retracement degree of the current surge from the $17,308 swing low to $18,367 excessive.

Source: BTCUSD on TradingView.com

On the upside, a right away resistance is close to the $18,350 degree. The subsequent main resistance is close to the $18,500 zone, above which the value would possibly proceed to maneuver up. In the said case, the value could maybe rise in direction of the $19,200 degree. Any extra beneficial properties would possibly ship btc worth in direction of the $20,000 degree.

Dips Attractive in BTC?

If bitcoin worth fails to clear the $18,350 resistance, it may begin a draw back correction. An quick assist on the draw back is close to the $18,120 degree.

The subsequent main assist is close to the $17,800 degree. It is close to the 50% Fib retracement degree of the current surge from the $17,308 swing low to $18,367 excessive. The foremost assist is now forming close to the $17,400 degree and the development line, beneath which the value 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 degree.

Major Support Levels – $18,120, adopted by $17,800.

Major Resistance Levels – $18,350, $18,500 and $19,200.