- BTC price shows strength as price breaks out of its range as bulls aim to push the price to a region of $18,500
- The price of BTC reclaims 50 Exponential Moving Average (EMA) on the daily timeframe after weeks of range movement
The price of Bitcoin (BTC) continues to show great strength as the price holds above $17,500, with bulls looking to push the price higher to a region of $18,500, where the price could face a tough time breaking above this region of resistance.
The market looking increasingly bullish in the past few days, with many altcoins rallying with double-digit profits as the price of Bitcoin (BTC) is not left out of what seems to be a green week for the crypto industry.
Related Reading: Bitcoin Price Shows Signs Of Hope After A While; Can Bulls Push To $18,500?
Bitcoin (BTC) Price Daily Chart Analysis
The past few weeks haven’t been easy for the price of BTC as the price faced so much uncertainty and FUD in the crypto industry, with many speculating a fall in price to the region of $12,000.
BTC’s price has responded incredibly well after falling to a region of $15,500 due to the saga surrounding the domino effect of FTX collapse affecting the price of many crypto assets, including BTC.
After a range movement of over 60 days, the price of BTC is beginning to show some strength as the price broke out of its range price eyes a rally to a region of $18,500.
If the price of BTC continues with its trend movement, we could see the price rallying to a high of $18,500, where the price could face strong resistance to breaking higher, but if the price of BTC experiences a sell-off around $18,500, we could see the price retesting the region of $17,500 to $17,000 to hold off sell-off.
BTC Price Analysis On The Four-Hourly (4H) Chart
BTC Four-Hourly Chart Analysis – Source: BTC Chart From Tradingview.com
The price of BTC continues to look bullish on the 4H chart as price trades above the 50 and 200 EMA; the price of $17,000 continues to serve as a strong support to hold off sell-offs.
With the price looking bullish on a lower timeframe, there are high chances of price retesting the region of $18,500, acting as crucial resistance for prices.
The price of BTC trades above 38.2% Fibonacci retracement value after its rally above this region; the price currently faces resistance to clear the 50% value, which corresponds to the region of $17,600.
A break and close above this region would mean a price rallying higher to a high of $18,500; if BTC fails to break above $17,500, the price at 38.2% would be good support.
Major BTC Price Resistance On The Daily Chart – $18,500
Major BTC Price Support On The Daily Chart – $17,000
Image from Marca, Chart from tradingview
