A BTC bullish pattern is getting closer to the $18,200 price range with the price remaining stable above the $17,500 support level. BTC shows some bullish signs and a close above the $18,200 could just start a new surge so let’s read more in today’s BTC news.
Bitcoin formed a support base close to the $17,380 level and climbed higher with the price now well above the $17,500 level. there was also a break above the major bearish trend line with the resistance set at $17,800 on the hourly charts of the pair. The pair now could enter into a bullish movement and get closer to the $18,150 level. There was another drop in Bitcoin’s price below the $17,600 level but it remained stable with a strong support base that formed near the $17,380 level.
The recent low was close to the $17,382 level before the price started an upward movement and broke the $17,500 levels as well. There was another break at the $17,800 level with the BTC price settling well above the 100 hourly simple moving average. What’s even more important is that there was a break above the major bearish trend line with the resistance close to the $17,800 price range on the hourly charts of the pair. The pair even spiked above $18,000 but had a hard time clearing the $18,200 resistance.
A new high was formed near $18,231 and the price started consolidating shortly after. It corrected below the 23.6% fib retracement level from the upward move at $17,382 but now BTC seems to be following a bullish flag pattern with the resistance nearing the $18,030 level. breaking above the $18,030 level could lead the price towards the $18,200 resistance so to start a strong rally, the price has to shoot above $18,200 resistance level. the BTC bullish pattern is getting closer to starting a new rally if the price settles above $18,200. If bitcoin fails to clear the way, it could test the $17,800 support with the 50% fib retracement level getting close to the $17,382 swing low to $18,231 high. The first major support is nearing the $17,500 level with the support forming near the $17,380 level below which there’s a risk of another decline in the upcoming sessions.
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