Bitcoin price – Bitcoin price Evaluation: BTC Simply Shy of a New All-Time Excessive

• Bitcoin price began a powerful enhance above the $18,000 and $18,500 resistance ranges in opposition to the US Greenback.
• The price traded as excessive as $19,454 and it settled properly above the 55 SMA (H4).
• There’s a main bullish pattern line forming with help close to $18,400 on the 4-hours chart of the BTC/USD pair (knowledge feed from Coinbase).
• The pair is at present correcting beneficial properties, however dips are prone to be restricted beneath $18,400.

Bitcoin price is buying and selling in a pleasant uptrend above $18,500 in opposition to the US Greenback. BTC is prone to proceed increased above $19,400 and intention a brand new all-time excessive within the close to time period.

Bitcoin price Evaluation

Up to now few days, bitcoin price adopted a powerful uptrend above the $18,000 resistance in opposition to the US Greenback. BTC gained tempo after it broke the $18,200 and $18,500 resistance ranges.

The upward transfer was such that the price broke the $19,000 stage and settled effectively above the 55 easy transferring common (4-hours). A brand new multi-month excessive was fashioned close to $19,454 earlier than it began a draw back correction.

The price traded beneath the $19,000 help stage. There was a break beneath the 23.6% Fib retracement stage of the latest upward transfer from the $18,070 swing low to $19,454 excessive. Bitcoin is now buying and selling close to the earlier breakout zone at $18,800.

The bulls are additionally defending the 50% Fib retracement stage of the latest upward transfer from the $18,070 swing low to $19,454 excessive. There may be additionally a significant bullish pattern line forming with help close to $18,400 on the 4-hours chart of the BTC/USD pair.

If there’s a draw back break beneath the pattern line help, the price may check the $18,200 stage. The following main help is close to one other pattern line, $18,000, and the 55 easy transferring common (4-hours).

On the upside, the $19,050 and $19,100 ranges are preliminary hurdles. A profitable shut above the $19,100 and $19,200 ranges may maybe lead the price again in direction of the $19,450 stage. Any additional beneficial properties would possibly name for a check of the $20,000 stage and a brand new all-time excessive.

Trying on the chart, bitcoin price is clearly buying and selling in a bullish zone above the $18,000 help and the 55 SMA (H4). Within the short-term, the price may right a number of points, however dips are prone to be restricted beneath $18,400.

Technical indicators

Four hours MACD – The MACD is displaying a number of unfavorable indicators within the bullish zone.

Four hours RSI (Relative Power Index) – The RSI continues to be effectively above the 50 stage.

Key Assist Ranges – $18,800 and $18,200.

Key Resistance Ranges – $19,100, $19,450 and $20,000.

Tags: bitcoin, BTC