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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Bitcoin Price Regains Strength, Why BTC Could Surpass $18K This Time

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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[vc_row][vc_column][vc_column_text]Bitcoin price remained strong above the $16,700 level. BTC formed a base and started a fresh increase above the $17,000 resistance zone.

  • Bitcoin found support near $16,700 and started a decent increase.
  • The price is trading above $17,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $16,875 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is eyeing more gains above the $17,400 and $17,500 resistance levels.

Bitcoin Price Eyes Upside Break

Bitcoin price declined below the $16,800 support level. However, BTC bears failed to clear the $16,700 level. The price traded as low as $16,700 before there was a fresh increase.

There was a decent increase above the $16,850 and $16,900 levels. The price cleared the 50% Fib retracement level of the downward move from the $17,440 swing high to $16,700 low. Besides, there was a break above a major bearish trend line with resistance near $16,875 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $17,000 and the 100 hourly simple moving average. It is also trading near the 76.4% Fib retracement level of the downward move from the $17,440 swing high to $16,700 low.

Bitcoin Price

On the upside, an immediate resistance is near the $17,280 level. The first major resistance is near the $17,450 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $18,000 resistance. The next major resistance is near $18,250, above which the price rise towards the $18,500 zone in the near term.

Dips Supported in BTC?

If bitcoin fails to clear the $17,280 resistance, there could be a fresh bearish reaction. An immediate support on the downside is near the $17,100 level.

The next major support is near the $17,000 zone and the 100 hourly simple moving average. A downside break below the $17,000 support might call a drop towards $16,700. Any more losses might push the price towards the $16,200 zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $17,000, followed by $16,700.

Major Resistance Levels – $17,280, $17,500 and $18,000.[/vc_column_text][/vc_column][/vc_row]

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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