{"id":450106,"date":"2020-11-18T03:48:24","date_gmt":"2020-11-18T03:48:24","guid":{"rendered":"https:\/\/wncen.com\/?p=450106"},"modified":"2024-06-11T13:04:15","modified_gmt":"2024-06-11T13:04:15","slug":"bitcoin-extends-rally-18k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-extends-rally-18k\/","title":{"rendered":"TA: Bitcoin Extends Rally, Why Bulls Remain In The Driver\u2019s Seat"},"content":{"rendered":"
Bitcoin price rallied over 6% and it broke the $17,500 resistance against the US Dollar. BTC is consolidating gains and it seems like the bulls are aiming more upsides above $18,000.<\/em><\/p>\n After a sharp rise above the $17,000 resistance<\/a>, bitcoin price started following a bullish path. BTC even surged above the $17,200 level to move further into a positive zone.<\/p>\n The price rallied over 6%, broke the $17,500 resistance, and settled well above the 100 hourly simple moving average<\/a>. Bitcoin traded to a new monthly high at $17,895 and it is currently consolidating gains.<\/p>\n <\/a><\/p>\n It corrected below the 23.6% Fib retracement level of the recent surge from the $16,924 swing low to $17,895 high. However, the price remained well supported above the $17,500 level. It seems like there is a key contracting triangle forming with resistance near $17,800 on the hourly chart of the BTC\/USD pair.<\/p>\n If there is a fresh break above the triangle resistance at $17,800, the price could rally further. The next major resistance is near the $18,000 level. Any further gains could open the doors for a rise towards the $18,400 level in the near term. An intermediate resistance sits near the $18,250 level.<\/p>\n If bitcoin fails to clear the triangle resistance or $17,850, there could be a short-term downside correction. An initial support is near the triangle support at $17,580.<\/p>\n The next major support is near the $17,410 level. It is close to the 50% Fib retracement level of the recent surge from the $16,924 swing low to $17,895 high. Any further losses may perhaps lead the price towards the $17,200 support level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower, but it is well above the 60 level.<\/p>\n Major Support Levels \u2013 $17,580, followed by $17,400.<\/p>\n Major Resistance Levels \u2013 $17,800, $17,850 and $18,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price rallied over 6% and it broke the $17,500 resistance against the US Dollar. BTC is consolidating gains and it seems like the bulls are aiming more upsides above $18,000. Bitcoin extended its rise above the $17,200 and $17,500 resistance levels. The price traded to a new monthly high at $17,895 and settled above the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $17,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair remains well supported and it is likely to rally further above the $18,000 resistance. Bitcoin Price Gains 6% After a sharp rise above the $17,000 resistance, bitcoin price started following a bullish path. BTC even surged above the $17,200 level to move further into a positive zone. The price rallied over 6%, broke the $17,500 resistance, and settled well above the 100 hourly simple moving average. Bitcoin traded to a new monthly high at $17,895 and it is currently consolidating gains. Source: BTCUSD on TradingView.com It corrected below the 23.6% Fib retracement level of the recent surge from the $16,924 swing low to $17,895 high. However, the price remained well supported above the $17,500 level. It seems like there is a key contracting triangle forming with resistance near $17,800 on the hourly chart of the BTC\/USD pair. If there is a fresh break above the triangle resistance at $17,800, the price could rally further. The next major resistance is near the $18,000 level. Any further gains could open the doors for a rise towards the $18,400 level in the near term. An intermediate resistance sits near the $18,250 level. Dips Supported in BTC? If bitcoin fails to clear the triangle resistance or $17,850, there could be a short-term downside correction. An initial support is near the triangle support at $17,580. The next major support is near the $17,410 level. It is close to the 50% Fib retracement level of the recent surge from the $16,924 swing low to $17,895 high. Any further losses may perhaps lead the price towards the $17,200 support level. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower, but it is well above the 60 level. Major Support Levels \u2013 $17,580, followed by $17,400. Major Resistance Levels \u2013 $17,800, $17,850 and $18,000.<\/p>\n","protected":false},"author":67,"featured_media":450108,"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-450106","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 Gains 6%<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Dips Supported in BTC?<\/h2>\n