Bitcoin price climbed higher towards $18,400 before there was a bearish reaction. BTC is now trading near a major support at $17,550 and might bounce back.
- Bitcoin broke the $18,000 resistance zone before there was a downside correction.
- The price is trading above $17,500 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $17,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase unless it trades below the 100 hourly SMA.
Bitcoin Price Remains Supported
Bitcoin price extended its increase above the $17,800 resistance zone. BTC even climbed above the $18,000 resistance zone and settled well above the 100 hourly simple moving average.
The price traded as high as $18,387 before there was a bearish reaction. The Fed increased interest rates by 0.5%, sparking sharp moves in the market. BTC price reacted the downside and traded below the $18,000 support zone. There was a clear move below the 23.6% Fib retracement level of the upward move from the $16,880 low to $18,387 high.However, bitcoin price is trading above $17,500 and the 100 hourly simple moving average. It is holding the 50% Fib retracement level of the upward move from the $16,880 low to $18,387 high.
There is also a key bullish trend line forming with support near $17,580 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $17,900 level. The first major resistance is near the $18,000 zone, above which the price may perhaps revisit the $18,400 zone.
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The next major resistance is near $18,500, above which the price might gain pace and rise towards the $19,200 zone in the near term.