Bitcoin price must stay above $17,500 for upside continuation in the near term
Bitcoin price once rallied to $ 18,500 before correcting lower in the $ 17,795 area. With this momentum, it is expected that Bitcoin sustains above $ 17,500 to continue its bullish momentum in the near term.
Bitcoin price holding the critical support of $ 17,500 and is much higher than the 100 hourly simple moving average
Yesterday, Bitcoin rallied above the $ 17,500 resistance. BTC has risen over 10%, and it even broke the $ 18,000 level. Prices traded to a new multi-month high of nearly $ 18,500 before starting to plunge.
Even so, Bitcoin fell by over $ 1,000, and it broke the $ 17,800 support level. There was also a spike below the $ 17,500 support but no close below it. Recent low volatility is formed near $ 17,299, and a high is formed near $ 18,107.
Prices are currently consolidating gains below $ 18,000. There is also a major contract triangle forming with resistance near $ 18,020 on the BTC / USD pair’s hourly chart. The pair tests the 23.6% Fib retracement level of the recent wave from a low of $ 17,299 to a high of $ 18.107.
The first major support appears to be forming near $ 17,700 and the lower trendline of a triangle. It’s close to the 50% Fib retracement level of the recent wave from the $ 17,299 low to the $ 18.107 high.
If there is a breakdown below the triangle support, the price might test the $ 17,500 support level. A suitable close below the $ 17,500 support could start a sharp drop in the coming days.
If Bitcoin clears the triangle resistance and then the high of $ 18.107, it could rebound. The immediate next hurdle is near $ 18,200.
A proper move above $ 18,200 could open the door for a bigger rally. The next major resistance levels are near $ 18,500 and $ 18,880.
After BTC suddenly dropped from around $18,500 to $17,200, some traders began to question whether a local top had formed but there are multiple factors that suggest the bull run is still intact. Following the initial pullback, BTC continuously showed extreme volatility, demonstrating market uncertainty.
You can see the BTC price here.
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