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Bitcoin Near Crucial Juncture: Why BTC Could Surge Above $18.8K

Bitcoin worth traded to a brand new multi-month excessive near $18,850 towards the US Dollar. BTC is now consolidating positive aspects (whereas ripple surged 35%) and getting ready for the subsequent main transfer.

  • Bitcoin traded above the $18,000 resistance and virtually examined the $19,000 degree.
  • The worth is now consolidating above $18,000 and the 100 easy shifting common (4-hours).
  • There is a key contracting triangle forming with resistance close to $18,800 on the 4-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair might both rally additional above $18,800 or it’d appropriate decrease in the direction of the $17,350 degree.

Bitcoin Price is Consolidating Gains

This previous week, bitcoin prolonged its rise above the $17,500 and $18,000 resistance ranges towards the US Dollar. The BTC/USD pair even cleared the $18,500 degree and settled effectively above the 100 easy shifting common (4-hours).

It traded near the $19,000 degree and shaped a brand new multi-month excessive at $18,853. The worth is at present consolidating positive aspects beneath the $18,800 degree, whereas a number of altcoins comparable to ripple and Ethereum gained bullish momentum.

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An preliminary assist for bitcoin sits close to the $18,450 degree. It is near the 23.6% Fib retracement degree of the upward wave from the $17,344 swing low to $18,853 excessive.

Source: BTCUSD on TradingView.com

It looks like there’s a key contracting triangle forming with resistance close to $18,800 on the 4-hours chart of the BTC/USD pair. If there’s an upside break above the triangle resistance, the worth might begin a recent rally within the coming classes.

The subsequent speedy resistance is close to the $19,000 degree. A correct shut above the $19,000 degree may open the doorways for a bigger improve in the direction of the $19,400 and $19,550 ranges.

Downside Correction in BTC?

If bitcoin fails to clear the $18,800 resistance, it might appropriate decrease. The first key assist is close to the triangle decrease development line and $18,400.

The subsequent main assist is close to the $18,000 degree or the 50% Fib retracement degree of the upward wave from the $17,344 swing low to $18,853 excessive. Any additional losses could maybe lead the worth again in the direction of the $17,350 assist zone within the coming days.

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Technical indicators

Four hours MACD – The MACD for BTC/USD is slowly shedding momentum within the bullish zone.

Four hours RSI (Relative Strength Index) – The RSI for BTC/USD is correcting decrease from the 70 degree.

Major Support Level – $18,450

Major Resistance Level – $18,800

EditorialTeam

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