What Levels Is Bitcoin Price Targeting Now? Here are the Critical Regions
Coinputin.com – Bitcoin price started a fresh increase from the $ 16,200 support zone against the US Dollar. According to renowned analyst Aayush Jindal, Bitcoin price has risen 5% and is trading at over $ 17,500, but is facing major resistance at $ 18,000 and $ 18.2,000.
Bitcoin price started a new upward move above the $ 17,000 and $ 17,200 levels.
The price is currently trading above the $ 17,500 resistance and the 100 simple moving average (4-hours).
There was a break above the major contract triangle with resistance near $ 17,200 on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
The pair could revisit the $ 18,200 resistance, where the bears could fight strongly.
Bitcoin price is rising again! So how much can it increase?
Recently, Bitcoin price 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). BTC traded as low as $ 16,219 before forming a support base. BTC then began to rise 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 contract triangle with resistance near $ 17,200 on the 4-hour chart of the BTC / USD pair. The pair is currently testing the 50% Fib retracement level of the downside move from $ 19,500 to $ 16,220.
Here are the critical levels that Bitcoin can see in the short term.
A clear break above the $ 17,850 and $ 18,000 levels could steer the price towards the $ 18,250 resistance zone, according to the analyst. This level is near the 61.8% Fib retracement level of the downward move from $ 19,500 to $ 16,220. A successful breakout 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.
If Bitcoin fails to cross the $ 18,000 and $ 18,250 resistance levels, it could initiate a new decline, according to the analyst. The initial support is close to the $ 17,500 level or the 100 simple moving average (4 hours), according to the analyst. The first major support is at $ 17,400, according to the analyst. A downside break below the $ 17,400 level could steer the price towards the main $ 16,800 support level. Further losses could require a new drop below $ 16,200, according to the analyst.
Current view of Bitcoin price with technical indicators
4-hour MAC: 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 is above the 50 level.
Major Support Level: $ 17,400.
Major Resistance Level: $ 18,250.