Bitcoin value surged higher in direction of $18,400 earlier than a bearish response. BTC is now trading close to a key assist at $17,550 and it might rally.

• Bitcoin broke the $18,000 resistance zone earlier than staging a draw back correction.
• The worth is trading above $17,500 and the 100 hourly easy shifting common.
• There’s a key bullish pattern line forming with assist close to $17,580 on the hourly chart of the BTC/USD pair (knowledge feed by Kraken).
• The pair might begin a recent enhance except it trades under the 100 hourly SMA.

Bitcoin value continues to be supported

Bitcoin value prolonged its rise above the $17,800 resistance zone. BTC even scaled above the $18,000 resistance zone and settled properly above the 100 hourly easy shifting common.

The worth traded as high as $18,387 earlier than staging a bearish response. The Fed hiked rates of interest by 0.5%, triggering sturdy market strikes. BTC value reacted to the down transfer and traded under the $18,000 assist zone. There was a transparent transfer under the 23.6% Fib retracement level of the bullish transfer from the $16,880 low to the $18,387 high.

Nevertheless, bitcoin value is trading above $17,500 and the 100 hourly easy shifting common. It holds the 50% Fib retracement level of the bullish transfer from the $16,880 low to the $18,387 high.

There may be additionally a key bullish pattern line forming with assist close to $17,580 on the hourly chart of the BTC/USD pair. On the upside, there’s an instantaneous resistance close to $17,900. The primary main resistance is close to the $18,000 zone, above which the worth may revisit the $18,400 zone.

The following main resistance is at $18,500, above which the worth might decide up momentum and rally in direction of the $19,200 zone within the short-term.

BTC draw back?

If bitcoin fails to clear the $18,000 resistance, there might be extra downsides. Instant assist on the draw back is close to the $17,580 level and the trendline assist.

The following main assist is close to the $17,400 zone and the 100 hourly easy shifting common. A draw back break under the $17,400 assist might end in extra losses. Within the talked about case, the worth might drop in direction of the $16,800 assist within the short-term.

Technical indicators:

Hourly MACD – The MACD is now choosing up tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 level.

Key assist ranges – $17,580 adopted by $17,400.

Main resistance ranges – $17,900, $18,000 and $18,500.