Bitcoin (BTC) price rose over 4% and broke the $ 18,500 level against the US Dollar. BTC is currently taking a nice bullish path, but the $ 18,800 level is a strong resistance.
Bitcoin price surged as high as $ 18,559 and is currently above the 100 hourly simple moving average. According to analyst Aayush Jindal, there is a major rising channel with support around $ 18,280 on the hourly chart of the BTC / USD pair. The bulls are likely to encounter strong resistance near the $ 18,800 zone.
Bitcoin Price Is Approaching A Big Barrier
In the weekly analysis, we saw a new increase in Bitcoin price above the $ 18,000 level. BTC pushed its rise above the $ 18,200 and $ 18,400 resistance levels.
There was also a break above the $ 18,500 resistance. The price traded as high as $ 18,559 and is currently above the 100 hourly simple moving average. It is currently consolidating gains and trading near the $ 18,450 level. Initial downside support is near the $ 18,400 level. There is also a major bullish channel with support around $ 18,280 on the hourly chart of the BTC / USD pair.
The first major resistance for the bulls is near the $ 18,800 level. A successful break above the $ 18,800 level could trigger a strong upward move, and Bitcoin could rise above $ 19,000 and even $ 19,200.
Will There Be Another Drop In BTC?
If Bitcoin fails to clear its break resistance at $ 18,800, there is a risk of a new decline. Initial support on the downside is near the $ 18,250 level or the channel’s lower trend line.
A clear break below the channel support could start an extended decline towards $ 18,000. The next major support below the $ 18,000 level is near the $ 17,400 level and the 100 hourly simple moving average.
Hourly MACD: The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently well above the 60 level with bullish signs.
Major Support Levels: $ 18,250 followed by $ 18,000.
Major Resistance Levels: $ 18,650, $ 18,800 and $ 19,000.