TA: Bitcoin Bulls Keeps Pushing, Why $18.8K is a Key Breakout Zone

Aayush Jindal

Last Updated: June 11, 2024 2:08 pm

2 mins read

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Bitcoin price is up over 4% and it broke the $18,500 level against the US Dollar. BTC is currently following a nice bullish path, but the $18,800 level is a strong resistance.

Bitcoin is slowly rising and it broke the key $18,500 resistance.
The price traded as high as $18,559 and it is now above the 100 hourly simple moving average.
There is a major rising channel forming with support near $18,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The bulls are likely to face a strong resistance near the $18,800 zone.

Bitcoin Price is Approaching a Major Hurdle

In the weekly analysis, we saw a fresh increase in bitcoin price above the $18,000 level. BTC extended 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 it is now above the 100 hourly simple moving average. It is currently consolidating gains and trading near the $18,450 level.

An initial support on the downside is near the $18,400 level. It is close to the 23.6% Fib retracement level of the recent rise from the $17,946 swing low to $18,559 high. Moreover, there is a major rising channel forming with support near $18,280 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The channel support is close to the 50% Fib retracement level of the recent rise from the $17,946 swing low to $18,559 high. On the upside, the channel resistance at $18,650 is a short-term resistance.

The first major resistance for the bulls is near the $18,800 level. A successful break above the $18,800 level could spark a strong upward move, and bitcoin could rise above $19,000 and even $19,200.

Another Drop in BTC?

If bitcoin fails to clear the breakout resistance at $18,800, there is a risk of a fresh decline. An initial support on the downside is near the $18,250 level or the channel lower trend line.

A clear break below the channel support might 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.

Technical indicators:

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.

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.

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.

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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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