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Bitcoin Price Surges Past $18K and Now The Bulls Could Aim $19K

Aayush Jindal by Aayush Jindal
9 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price extended its increase and surged above $18,000. BTC is gaining pace and might rise towards the $19,000 resistance zone.

  • Bitcoin extended its rise above the $17,500 and $18,000 resistance levels.
  • The price is trading above $18,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $17,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up towards the $19,000 resistance zone.

Bitcoin Price Rallies 5%

Bitcoin price gained pace after there was a close above the $17,000 pivot zone. BTC accelerated higher above the $17,250 resistance zone to move into a positive zone, similar to ethereum.

The price climbed above the $17,500 resistance zone to start a strong increase. The bulls even pumped the price above the $18,000 resistance zone. A high was formed near $18,367 and the price is now consolidating gains.

Bitcoin price is trading above $18,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $17,400 on the hourly chart of the BTC/USD pair. It is also well above the 23.6% Fib retracement level of the recent surge from the $17,308 swing low to $18,367 high.

Bitcoin Price Rallies 5%

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $18,350 level. The next major resistance is near the $18,500 zone, above which the price might continue to move up. In the stated case, the price may perhaps rise towards the $19,200 level. Any more gains might send btc price towards the $20,000 level.

Dips Attractive in BTC?

If bitcoin price fails to clear the $18,350 resistance, it could start a downside correction. An immediate support on the downside is near the $18,120 level.

The next major support is near the $17,800 level. It is near the 50% Fib retracement level of the recent surge from the $17,308 swing low to $18,367 high. The main support is now forming near the $17,400 level and the trend line, below which the price might retest $17,000.

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 above the 50 level.

Major Support Levels – $18,120, followed by $17,800.

Major Resistance Levels – $18,350, $18,500 and $19,200.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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