Bitcoin price remained stable above the $ 17,500 support against the US dollar. BTC is showing bullish signs and a close above $ 18,200 could trigger a new spike.
- Bitcoin formed a support base near the $ 17,380 level and rose higher.
- The price is now well above the $ 17,500 level and the 100 hour simple moving average.
- On the hourly chart of the BTC / USD pair (data feed from Kraken) there was a break above a large bearish trendline with resistance near USD 17,800.
- The pair could gain bullish momentum if there was a close above $ 18,150 and $ 18,200.
Bitcoin price shows bullish signs
Bitcoin price fell below the $ 17,600 and $ 17,500 levels again. However, BTC remained stable and it appears that a strong base of support is forming near the USD 17,380 level.
The most recent low was at $ 17,382 before the price began an upward move. It broke the $ 17,500 and $ 17,600 levels. There was also a break above the $ 17,800 level and Bitcoin price was well above the 100-hour simple moving average.
More importantly, there was a break on the hourly chart for the BTC / USD pair above a large bearish trendline with resistance near USD 17,800. The pair even surged to over $ 18,000, but struggled to overcome the $ 18,200 resistance.
Source: BTCUSD on TradingView.com
A high is being formed near $ 18,231 and the price is currently consolidating. It corrected below the 23.6% fib retracement level of the recent bullish move from the low of $ 17,382 to the high of $ 18,231. Bitcoin now appears to be following a bullish flag pattern with resistance near the $ 18,030 level.
A successful break above the $ 18,030 level could move the price towards the $ 18,200 resistance. To start a strong rally, the price needs to be well above the $ 18,200 resistance level. In that case, the price could potentially offset the $ 18,500 resistance and rebound towards $ 19,000.
Dips supported in BTC?
If Bitcoin doesn’t gain strength, it could test the support of $ 17,800. The 50% fib retracement level of the recent uptrend from the $ 17,382 low to the $ 18,231 high is also close to the $ 17,800 level.
The first major support is near the $ 17,500 level. The main support is now forming near the USD 17,380 level below which there is a risk of a larger decline in the upcoming sessions.
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently above the 50 level.
Major Support Levels – $ 17,800, followed by $ 17,500.
Main Resistance Levels – $ 18,030, $ 18,200, and $ 18,500.