Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price failed to continue higher above $18,800 and corrected lower against the US Dollar. BTC is now trading below the 100 hourly SMA and showing a few bearish signs.
- Bitcoin is facing a strong resistance near the $18,700 and $18,800 levels.
- The price is now trading below $18,500 and the 100 hourly simple moving average.
- There is a short-term ascending channel forming with support near $18,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct sharply below $18,150 and $18,000 levels in the near term.
Bitcoin Price is Struggling Below $18.8K
There were a couple of swing moves in bitcoin price (unlike Ethereum and ripple) below the $18,200 and $18,000 levels. BTC traded close to the $17,500 support area before there was a fresh increase.
However, the price struggled to gain momentum and it seems to be facing a strong resistance near the $18,700 and $18,800 levels. The last swing high was near $18,700 before the price dived below $18,200. It traded as low as $17,991 and settled below the 100 hourly simple moving average.
Bitcoin is currently correcting higher and trading above $18,100. There was a break above the 23.6% Fib retracement level of the recent decline from the $18,703 high to $17,991 low.
Source: BTCUSD on TradingView.com
An immediate resistance is near the $18,350 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $18,703 high to $17,991 low. Moreover, there is a short-term ascending channel forming with support near $18,150 on the hourly chart of the BTC/USD pair.
If there is a downside break below the channel support, there is a risk of more losses below the $18,000 support level. The next major support on the downside is near the $17,500 and $17,350 levels.
Fresh Increase in BTC?
If bitcoin stays above the channel support or $18,000, it could attempt another increase above the 100 hourly SMA. The first major resistance is near the $18,500 level.
The main hurdle for the bulls is forming near the $18,800 level. A successful break above the $18,800 zone is must to start a fresh rally. The next major resistance above $18,800 could be $19,500.
Technical indicators:
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher towards the 50 level.
Major Support Levels – $18,150, followed by $18,000.
Major Resistance Levels – $18,350, $18,500 and $18,800.
