The BTC bulls keep on pushing and the price increased by 4% breaking the $18,500 level against the US dollar. Right now, the benchmark cryptocurrency is following a bullish pattern but the $18,800 level serves as a strong resistance level so let’s read more in the latest Bitcoin news today.
Bitcoin is slowly rising and it even broke the $18,500 resistance while the price traded as high as $18,559 above the 100 hourly simple moving average. There’s a major rising channel forming with the support of $18,280 on the charts of the pair while the BTC bulls keep on pushing above the strong $18,800 resistance zone. In the weekly analysis, we could see a fresh increase in the BTC price above the $18,800 level, and the number one crypto asset even extended the rise above the $18,200 and the $18,400 resistance levels as well.
There was a break above the $18,500 resistance as the price traded as high as $18,559 and the 100 hourly simple moving average with it consolidating the gains near the $18,450 level. The initial support on the downside is close to the $18,400 level and it is close to the 23.6% fib retracement level from the low of $17,946 to $18,559 high. There was a major rising channel forming with the support near the $18,280 on the charts of the pair and now the channel support is close to the 50% fib retracement level. On the upside, the channel resistance was set at $18,650 as short-term resistance.
The first major resistance for the bulls is close to the $18,800 level so a break above this level could start a new upward movement and BTC will likely rise above $19,000 and even $19,200. If BTC fails to clear the breakout resistance of $18,800, there’s a risk of a new decline with support on the downside at the $18,250 level. Breaking below the channel support could start an extended decline to the $18,000 level with the next major support below the $18,000 level nearing the $17,400 and the 100 hourly simple moving average. The MACD is now gaining momentum in the bullish zone and the RSI for the pair is well above 60, showing bullish signs.
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