Bitcoin price remained stable above the $17,500 support against the US Dollar. BTC is showing bullish signs and a close above $18,200 could start a fresh surge.
- Bitcoin formed a support base near the $17,380 level and climbed higher.
- The price is now well above the $17,500 level and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $17,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a close above $18,150 and $18,200.
Bitcoin Price is Showing Bullish Signs
There was another drop in bitcoin price below the $17,600 and $17,500 levels. However, BTC remained stable and it seems like there is a strong support base forming near the $17,380 level.
The recent low was near $17,382 before the price started an upward move. It broke the $17,500 and $17,600 levels. There was also a break above the $17,800 level and bitcoin price settled well above the 100 hourly simple moving average.
Source:A high is formed near $18,231 and the price is currently consolidating. It corrected below the 23.6% Fib retracement level of the recent upward move from the $17,382 swing low to $18,231 high. Bitcoin now seems to be following a bullish flag pattern with resistance near the $18,030 level.
A successful break above the $18,030 level could lead the price towards the $18,200 resistance. To start a strong rally, the price must settle nicely above the $18,200 resistance level. In the stated case, the price may perhaps clear the $18,500 resistance and rally towards $19,000.
