In the weekly review, a fresh rise in the price of Bitcoin over $18,000 has been seen. BTC has increased its resistance rate above $18,200 and $18,400. The resistance was already over $18,500. The price traded as high as $18,559, which now tops the average of 100 hourly. It consolidates gains and trading close to the level of 18,450 dollars.
The initial downside support is close to $18,400. It is near to the 23.6 percent Fib retracement of the recent increase from the $17,946 low to $18,559 high. In addition, there is a major growing channel forming with help of nearly $18,280 on the hourly chart of the BTC/USD pair. In the recent rise from the $17,946 swing low to $18,559 high, the channel support is close to the 50 percent Fib retracement stage. On the upside, the $18,650 channel resistance is a short-term resistance.
The bulls’ first biggest resistance is almost $18,800. A successful break of over 18,800 dollars would cause a sharp rise and Bitcoin would expand over 19,000 dollars and maybe 19,200 dollars.
There is a chance of a new fall if bitcoin fails to clear the breakout resistance at $18,800. The initial downside support is around the $18,250 level or the lower trend line of the channel. A clear break below the channel support could begin an extended decline to $18,000. The next significant support below the $18,000 rate is close to the $17,400 level and the 100 hourly simple moving average.