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Bitcoin Price Key Trend is Forming And BTC Could Soon Surge to $18K

Bitcoin Price Key Trend is Forming And BTC Could Soon Surge to $18K

Bitcoin worth gained tempo for a recent transfer above $17,000. BTC is rising and would possibly climb greater in the direction of the $18,000 resistance zone.

  • Bitcoin began a recent enhance above $17,000 and $17,200 resistance ranges.
  • The worth is buying and selling above $16,800 and the 100 hourly easy shifting common.
  • There was a break above a serious bearish pattern line with resistance close to $17,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair appears to be eyeing a transfer in the direction of the $17,650 resistance and even $18,000.

Bitcoin Value Restarts Improve

Bitcoin worth discovered help close to the $16,800 zone after a draw back correction. BTC remained nicely bid and began a recent enhance above the $17,000 resistance zone.

It even broke the $17,150 degree and settled above the 100 hourly easy shifting common. The worth gained tempo above the 76.4% Fib retracement degree of the downward transfer from the $17,315 swing excessive to $16,784 swing low. In addition to, there was a break above a serious bearish pattern line with resistance close to $17,000 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling above $16,800 and the 100 hourly easy shifting common. It’s buying and selling close to the $17,250 degree. On the upside, a right away resistance is close to the $17,350 degree.

The primary main resistance is close to the $17,450 zone, above which the worth could maybe begin one other regular enhance. Within the said case, the worth might rise in the direction of the $17,650 resistance. It’s close to the 1.618 Fib extension degree of the downward transfer from the $17,315 swing excessive to $16,784 swing low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The subsequent main resistance is close to $18,000, above which the worth might try a transfer in the direction of the $18,500 zone within the close to time period.

Dips Restricted in BTC?

If bitcoin fails to begin a recent enhance above the $17,350 resistance, there could possibly be extra downsides. A direct help on the draw back is close to the $17,150 degree.

The subsequent main help is close to the $17,000 zone and the 100 hourly easy shifting common. A draw back break under the $17,000 help would possibly name for a transfer in the direction of $16,750. Any extra losses would possibly name for a take a look at of the important thing $16,500 help zone within the close to time period.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now within the overbought zone.

Main Help Ranges – $17,150, adopted by $17,000.

Main Resistance Ranges – $17,350, $17,450 and $18,000.

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