Bitcoin Grows By 5%, $18K Level Holds The Key For More Upsides

Bitcoin grows by 5% and it seems that the $18,000 level holds the key for more upsides after it started an increase at the $16,200 support zone as we are reading more in today’s Bitcoin latest news.

Bitcoin started a fresh upward movement above the $17,000 level and the $17,200 levels. The price will trade now above the $17,500 resistance and the 100 simple moving average. There was also a break above the major contracting triangle with the resistance zone of $17,200 on the 4-hour charts of the BTC/USD pair. The pair could now revisit the $18,200 resistance where the bears could start fighting. Over the past week, BTC saw a sharp downside correction below the $18,000 and the $17,200 against the US dollar with the pair breaking the $16,800 support and the 100 simple moving average.

BTC/USD traded as low as $16,219 before forming a new support base so the new fresh increase was initiated above the $16,500 and the $16,800 resistance levels. The price cleared the $17,400 resistance and the 100 simple moving average in order to enter the positive zone. There was a break above the major contracting triangle with the resistance close to the ,200 on the 4-hour charts of the pair.
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They will start testing the 50% fib retracing level from the downward movement at the $19,500 swing high to the $16,220 swing low. breaking above this level could lead the coin to $18,000 or even higher. It is close to the 61% fib retracement level from the downward move at $19,500 swing high to $16,220 swing low.

Breaking above the $18,250 and the $18,400 is much needed in order for the coin to increase to the $19,000 and the $19,500 levels in the upcoming sessions. If BTC fails to clear the $18,000 level and the $18,250 resistance levels it could start a fresh decline so the initial support is located at the $17,500 level. Bitcoin grows by 5% with major support sitting at the $17,400 levels and a downside break below the $17,400 levels which could lead the price towards the main $16,800 support level. More losses could start a drop towards $16,200. The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4—hour RSI is rising above the 50 level.