Bitcoin price rose again against the US dollar support zone against the US dollar. BTC is up 5% and is trading above $ 17,500 but faces major resistance at $ 18,000 and $ 18.2,000.
- Bitcoin started a new uptrend above the USD 17,000 and USD 17,200 levels.
- The price is now trading well above the USD 17,500 resistance and the simple moving average of 100 (4 hours).
- There was a break above a large contraction triangle with resistance near USD 17,200 on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
- The pair could revisit the $ 18,200 resistance where the bears could have a tough battle.
The Bitcoin price is rising steadily
Over the past week, Bitcoin saw a sharp downward correction below $ 18,000 and $ 17,200 against the US dollar. The BTC / USD pair even broke the USD 16,800 support and the simple moving average of 100 (4 hours).
It traded as low as $ 16,219 before creating a support base. A new spike has been initiated above the $ 16,500 and $ 16,800 resistance levels. Bitcoin price erased the USD 17,400 resistance and simple moving average of 100 (4 hours) to get into a positive zone.
There was also a break above a large contraction triangle with resistance near USD 17,200 on the 4-hour chart for the BTC / USD pair. The pair is now testing the 50% Fib retracement level of the downward move from the $ 19,500 swing high to the $ 16,220 swing low.
Source: BTCUSD on TradingView.com
A sharp break above the $ 17,850 and $ 18,000 levels could move the price towards the main resistance area of $ 18,250. It is close to the 61.8% Fib retracement level of the downward move from the $ 19,500 swing high to the $ 16,220 swing low.
A successful break above the $ 18,250 and $ 18,400 levels is required to make a fresh surge to the $ 19,000 and $ 19,500 levels in the upcoming sessions.
Another drop in BTC?
If Bitcoin fails to hit the $ 18,000 and $ 18,250 resistance levels, it could see another decline. Initial support is near the $ 17,500 level or the simple moving average of 100 (4 hours).
The first major support is at $ 17,400. A downtrend below the $ 17,400 level could move the price towards the main support level of $ 16,800. Further losses could require a new low below $ 16,200.
4 hours MACD – The MACD for BTC / USD is slowly gaining momentum in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI for BTC / USD is rising and above the 50 level.
Main Support Tier – $ 17,400
Main Resistance Level – $ 18,250