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TA: Bitcoin Bulls Keeps Pushing, Why $18.8K is a Key Breakout Zone

Bitcoin worth is up over 4% and it broke the $18,500 stage towards the US Dollar. BTC is presently following a pleasant bullish path, however the $18,800 stage is a robust resistance.

  • Bitcoin is slowly rising and it broke the important thing $18,500 resistance.
  • The worth traded as excessive as $18,559 and it’s now above the 100 hourly easy transferring common.
  • There is a serious rising channel forming with assist close to $18,280 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The bulls are more likely to face a robust resistance close to the $18,800 zone.

Bitcoin Price is Approaching a Major Hurdle

In the weekly evaluation, we noticed a contemporary improve in bitcoin worth above the $18,000 stage. BTC prolonged its rise above the $18,200 and $18,400 resistance ranges.

There was additionally a break above the $18,500 resistance. The worth traded as excessive as $18,559 and it’s now above the 100 hourly easy transferring common. It is presently consolidating good points and buying and selling close to the $18,450 stage.

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An preliminary assist on the draw back is close to the $18,400 stage. It is near the 23.6% Fib retracement stage of the latest rise from the $17,946 swing low to $18,559 excessive. Moreover, there’s a main rising channel forming with assist close to $18,280 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The channel assist is near the 50% Fib retracement stage of the latest rise from the $17,946 swing low to $18,559 excessive. On the upside, the channel resistance at $18,650 is a short-term resistance.

The first main resistance for the bulls is close to the $18,800 stage. A profitable break above the $18,800 stage might spark a robust upward transfer, and bitcoin might rise above $19,000 and even $19,200.

Another Drop in BTC?

If bitcoin fails to clear the breakout resistance at $18,800, there’s a danger of a contemporary decline. An preliminary assist on the draw back is close to the $18,250 stage or the channel decrease pattern line.

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A transparent break under the channel assist would possibly begin an prolonged decline in direction of $18,000. The subsequent main assist under the $18,000 stage is close to the $17,400 stage and the 100 hourly easy transferring common.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently properly above the 60 stage, with bullish indicators.

Major Support Levels – $18,250, adopted by $18,000.

Major Resistance Levels – $18,650, $18,800 and $19,000.

EditorialTeam

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