Here Are The Levels You Should Follow Carefully For The Bitcoin Price
Bitcoin price surged to a new monthly high near $ 18,950 against the US Dollar. According to renowned analyst Aayush Jindal, Bitcoin price is currently consolidating the gains and preparing for the next big move.
- Bitcoin price 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 contract triangle with resistance near $ 18,800 on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
- The pair could either rise above $ 18,800 or drop towards $ 17,350, according to the analyst.
Bitcoin price consolidates its gains: Where is the direction now?
In the past days, the price of Bitcoin climbed 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). BTC traded near the $ 19,000 level and formed a new monthly high at $ 18,950. While the price is currently consolidating gains below the $ 18,800 level, several altcoins such as Ripple and Ethereum have gained bullish momentum.
Initial support for Bitcoin is located near the $ 18,400 level, according to the analyst. This level is near the 23.6% Fib retracement level of the uptrend. There appears to be a major contract triangle formed with resistance near $ 18,800 on the 4-hour chart of the BTC / USD pair. If there is an upside break above the triangle resistance, the price could start a new rally in the coming sessions.
Here are the levels that Bitcoin can see in the short term.
The next resistance is near the $ 19,000 level, according to the analyst. A proper close above the $ 19,000 level could open the doors for a larger increase towards the $ 19,400 and $ 19,550 levels, according to the analyst. If Bitcoin fails to cross the $ 18,800 resistance, it could make a lower correction.
The first main support is close to the triangle lower trend line and at $ 18,400, according to the analyst. The next major support is near the $ 18,000 level or the 50% Fib retracement level of the upward wave, according to the analyst. More losses could perhaps push the price back to the $ 17,350 support zone in the coming days, according to the analyst.
Current view of Bitcoin price with technical indicators
4-hour MACD: The MACD for BTC / USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index): The RSI for BTC / USD is correcting lower than 70.
Major Support Level: $ 18,400.
Major Resistance Level: $ 18,800.