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Bitcoin prices return to high levels; Market analysis

The bitcoin price was able to recover part of this price decline after falling to $ 17,650. Bitcoin currently trades in the $ 18,300 range.

The price of Bitcoin crossed the $ 18,000 support after breaking the $ 18,500 support yesterday and stabilized in areas below the 100-hour moving average.

The fall pushed the price of Bitcoin closer to the $ 17,650 range. The lowest price was recorded in the area of ​​$ 17,644. After registering this price, Bitcoin started its revival and after conquering the resistance of $ 18,000 and $ 18,200, it reached higher areas on the chart.

Bitcoin price chart
Bitcoin price chart

However, the price of Bitcoin struggled to break the $ 18,600 resistance; Because this area had strong resistance. Bitcoin is currently rebounding and is hovering around $ 18,300 as it shows signs of decline in the market. The current price range is close to Fibonacci 23.6%, which was formed by the price recovery from $ 17,644 to $ 18,639.

The next major sponsor is $ 18,150. The support is close to the 50% Fibonacci, which ranged from $ 17,644 to $ 18,639.

On the other hand, if bullish conditions prevail in the market, the $ 18,500 and $ 18,600 areas that previously acted as support will be the challenges facing the price of Bitcoin. There is also a downtrend near the resistance of $ 18,560 in 1-hour timeframe. Crossing the price of Bitcoin between $ 18,500 and $ 18,600 may pave the way for $ 19,000.

If Bitcoin fails to break the $ 18,600 resistance barrier, there is a possibility that the downtrend will continue. In this case, the first resistance will be $ 18,150 and then $ 18,100.

The first significant support is in the $ 18,000 area. Following this support, a fall to $ 17,644 is likely. If this support does not work well, the next support area is $ 17,400.

The MACD is entering the uptrend zone at high speed clock time. The Relative Strength Index (RSI) is currently above 50.

As mentioned earlier, $ 18,150 and $ 18,000 are key supports, and $ 18,500 and $ 18,600 are significant resistances to the Bitcoin price. After these resistances, $ 18,800 is the next resistance.


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