Bitcoin price failed to continue higher above $18,800 and corrected lower against the US Dollar. BTC is now trading below the 100 hourly SMA and showing a few bearish signs.
- Bitcoin is facing a strong resistance near the $18,700 and $18,800 levels.
- The price is now trading below $18,500 and the 100 hourly simple moving average.
- There is a short-term ascending channel forming with support near $18,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct sharply below $18,150 and $18,000 levels in the near term.
Bitcoin Price is Struggling Below $18.8K
There were a couple of swing moves in bitcoin price (unlike Ethereum and ripple) below the $18,200 and $18,000 levels. BTC traded close to the $17,500 support area before there was a fresh increase.
However, the price struggled to gain momentum and it seems to be facing a strong resistance near the $18,700 and $18,800 levels. The last swing high was near $18,700 before the price dived below $18,200. It traded as low as $17,991 and settled below the 100 hourly simple moving average. Bitcoin is currently correcting higher and trading above $18,100. There was a break above the 23.6% Fib retracement level of the recent decline from the $18,703 high to $17,991 low.
Source:An immediate resistance is near the $18,350 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $18,703 high to $17,991 low. Moreover, there is a short-term ascending channel forming with support near $18,150 on the hourly chart of the BTC/USD pair. If there is a downside break below the channel support, there is a risk of more losses below the $18,000 support level. The next major support on the downside is near the $17,500 and $17,350 levels.