Bitcoin price even spiked above $18,000, but it struggled to clear the $18,200 resistance

Bitcoin price remains steady above the $ 17,500 support level, showing bullish signs, and a close above $ 18,200 could initiate a new rally. At press time, Bitcoin is trading around $ 18,129, up nearly 11% over the past 24 hours.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price is showing signs of bullishness, higher than $ 18,000

Bitcoin is stable and looks like a strong base of support is forming. The recent low is close to $ 17,382 before the price starts to rise. It has broken out of the $ 17,500 and $ 17,600 levels. There was also a break above $ 17,800, and Bitcoin’s price stabilized above the 100 hourly simple moving average.

More importantly, there was a break above the major downtrend line with resistance near $ 17,800 on the BTC/USD pair’s hourly chart. The pair even soared above $ 18,000, but it struggled to break through the $ 18,200 resistance.

A high is formed near $ 18,231, and the price is currently consolidating. It corrected below the 23.6% Fib retracement level of its recent up move from a low of $ 17.382 to a high of $ 18.231. Bitcoin currently appears to be following a bullish flag pattern with resistance close to $ 18,030.

A successful break above $ 18,030 can lead the price towards the $ 18,200 resistance level. To initiate a strong rally, the price must settle above the $ 18,200 resistance. In a given event, the price could clear the $ 18,500 resistance and move up to $ 19,000.

If Bitcoin fails to gain strength, it could test the $ 17,800 support level. The 50% Fib retracement level of the recent rally from a low of $ 17,382 to a high of $ 18,231 is also close to $ 17,800.

The first major support is located near $ 17,500. Major support is currently forming near $ 17,380, below, which is in danger of a bigger drop in the coming sessions.

You can see the BTC price here.

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