Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

2020-11-29 07:08

Bitcoin price started a fresh increase from the $16,200 support zone against the US Dollar. BTC is up 5% and it is trading above $17,500, but facing a major resistance at $18k and $18.2k.

Bitcoin started a fresh upward move above the $17,000 and $17,200 levels. The price is now trading nicely above the $17,500 resistance and the 100 simple moving average (4-hours). There was a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could revisit the $18,200 resistance, where the bears might put a strong fight. Bitcoin Price is Rising Steadily

This past week, bitcoin saw a sharp downside correction below $18,000 and $17,200 against the US Dollar. The BTC/USD pair even broke the $16,800 support and the 100 simple moving average (4-hours).

It traded as low as $16,219 before forming a support base. A fresh increase was initiated above the $16,500 and $16,800 resistance levels. Bitcoin price cleared the $17,400 resistance and 100 simple moving average (4-hours) to move into a positive zone.

There was also a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of 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 $16,220 swing low.

Source: BTCUSD on TradingView.com

A clear break above the $17,850 and $18,000 levels might lead the price towards the key $18,250 resistance zone. It is close to the 61.8% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

A successful break above the $18,250 and $18,400 levels is needed for a fresh rise towards the $19,000 and $19,500 levels in the coming sessions.

Another Drop in BTC?

If bitcoin fails to clear the $18,000 and $18,250 resistance levels, it could start a fresh decline. An initial support is near the $17,500 level or the 100 simple moving average (4-hours).

The first major support sits at $17,400 levels. A downside break below the $17,400 level could lead the price towards the main $16,800 support level. Any more losses might call for a new low below $16,200.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 level.

Major Support Level – $17,400

Major Resistance Level – $18,250

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Bitcoin (BTC) на Currencies.ru

$ 67885.8 (-0.14%)
Объем 24H $33.005b
Изменеия 24h: -2.61 %, 7d: -3.49 %
Cегодня L: $67620.88 - H: $69768.04
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Цена в час новости $ 18071.82 (275.64%)

bitcoin above started trading 500 price 200

Источник: newsbtc.com

bitcoin above → Результатов: 126


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