{"id":450494,"date":"2020-11-22T04:28:32","date_gmt":"2020-11-22T04:28:32","guid":{"rendered":"https:\/\/uniquehot.com\/?p=450494"},"modified":"2024-06-11T10:02:30","modified_gmt":"2024-06-11T10:02:30","slug":"bitcoin-near-crucial-juncture-why-btc-could-surge-above-18-8k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-near-crucial-juncture-why-btc-could-surge-above-18-8k\/","title":{"rendered":"Bitcoin Near Crucial Juncture: Why BTC Could Surge Above $18.8K"},"content":{"rendered":"
Bitcoin price traded to a new multi-month high close to $18,850 against the US Dollar. BTC is now consolidating gains (while ripple surged 35%) and preparing for the next major move.<\/em><\/p>\n This past week, bitcoin extended its rise<\/a> above the $17,500 and $18,000 resistance levels against the US Dollar. The BTC\/USD pair even cleared the $18,500 level and settled well above the 100 simple moving average (4-hours).<\/p>\n It traded close to the $19,000 level and formed a new multi-month high at $18,853. The price is currently consolidating gains below the $18,800 level, while a few altcoins such as ripple<\/a> and Ethereum<\/a> gained bullish momentum.<\/p>\n An initial support for bitcoin sits near the $18,450 level. It is close to the 23.6% Fib retracement level of the upward wave from the $17,344 swing low to $18,853 high.<\/p>\n <\/a><\/p>\n It seems like there is a key contracting triangle forming with resistance near $18,800 on the 4-hours chart of the BTC\/USD pair. If there is an upside break above the triangle resistance, the price could start a fresh rally in the coming sessions.<\/p>\n The next immediate resistance is near the $19,000 level. A proper close above the $19,000 level might open the doors for a larger increase towards the $19,400 and $19,550 levels.<\/p>\n If bitcoin fails to clear the $18,800 resistance, it could correct lower. The first key support is near the triangle lower trend line and $18,400.<\/p>\n The next major support is near the $18,000 level or the 50% Fib retracement level of the upward wave from the $17,344 swing low to $18,853 high. Any further losses may perhaps lead the price back towards the $17,350 support zone in the coming days.<\/p>\n Technical indicators<\/p>\n 4 hours MACD \u2013 The MACD for BTC\/USD is slowly losing momentum in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is correcting lower from the 70 level.<\/p>\n Major Support Level \u2013 $18,450<\/p>\n Major Resistance Level \u2013 $18,800<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price traded to a new multi-month high close to $18,850 against the US Dollar. BTC is now consolidating gains (while ripple surged 35%) and preparing for the next major move. Bitcoin traded above the $18,000 resistance and almost tested the $19,000 level. The price is now consolidating above $18,000 and the 100 simple moving average (4-hours). There is a key contracting triangle forming with resistance near $18,800 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could either rally further above $18,800 or it might correct lower towards the $17,350 level. Bitcoin Price is Consolidating Gains This past week, bitcoin extended its rise above the $17,500 and $18,000 resistance levels against the US Dollar. The BTC\/USD pair even cleared the $18,500 level and settled well above the 100 simple moving average (4-hours). It traded close to the $19,000 level and formed a new multi-month high at $18,853. The price is currently consolidating gains below the $18,800 level, while a few altcoins such as ripple and Ethereum gained bullish momentum. An initial support for bitcoin sits near the $18,450 level. It is close to the 23.6% Fib retracement level of the upward wave from the $17,344 swing low to $18,853 high. Source: BTCUSD on TradingView.com It seems like there is a key contracting triangle forming with resistance near $18,800 on the 4-hours chart of the BTC\/USD pair. If there is an upside break above the triangle resistance, the price could start a fresh rally in the coming sessions. The next immediate resistance is near the $19,000 level. A proper close above the $19,000 level might open the doors for a larger increase towards the $19,400 and $19,550 levels. Downside Correction in BTC? If bitcoin fails to clear the $18,800 resistance, it could correct lower. The first key support is near the triangle lower trend line and $18,400. The next major support is near the $18,000 level or the 50% Fib retracement level of the upward wave from the $17,344 swing low to $18,853 high. Any further losses may perhaps lead the price back towards the $17,350 support zone in the coming days. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is slowly losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is correcting lower from the 70 level. Major Support Level \u2013 $18,450 Major Resistance Level \u2013 $18,800<\/p>\n","protected":false},"author":67,"featured_media":450496,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-450494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price is Consolidating Gains<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Downside Correction in BTC?<\/h2>\n