Bitcoin price broke to the upside and traded close to $19,500 against the US Dollar. BTC is currently correcting gains, but the previous resistance near $18,800 could provide support.
- Bitcoin traded above the $18,700 and $18,800 resistance levels before correcting lower.
- The price traded close to the $19,500 level and settled above the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $18,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase as long as it is above $18,800 and the 100 hourly SMA.
Bitcoin Price is Approaching Key Support
Finally, bitcoin price was able to clear the $18,700 and $18,800 resistance levels. BTC climbed above the $19,000 and $19,200 levels. A new yearly high was formed near $19,450 before the price started a downside correction.
There was a break below the $19,300 and $19,200 levels. The price traded below the 23.6% Fib retracement level of the upward move from the $18,083 swing low to $19,450 swing high. It is now approaching a major support zone at $18,800 (the recent hurdle).
Source:The next support is near the $18,650 level or the 100 hourly simple moving average. Any further losses could start a major downside correction below the $18,500 support. In the stated case, bitcoin price might even revisit the $18,000 support zone in the near term.