Bitcoin Struggles Under 18,000 – Quick Technical Outlook

Before a bearish reaction, the price of Bitcoin rose above $18,400. BTC is now trading around strong support at $17,550 and might rebound.

Bitcoin’s price has risen beyond the $17,800 resistance level. BTC even surpassed the $18,000 resistance level and settled comfortably above the 100 hourly simple moving average.

Before a bearish reaction, the price climbed as high as $18,387. The Fed raised interest rates by 0.5%, causing market volatility. Bitcoin’s price has reacted negatively, trading below the $18,000 support level. The BITCOIN price fell below the 23.6% Fib retracement level of the bullish trend from $16,880 to $18,387.

Bitcoin (BTC/USD) Technical Outlook

On the hourly chart of the BTC/USD pair, a key bullish trend line is forming with support near $17,580. On the upside, an immediate resistance level is near $17,900. The first major barrier is near $18,000, above which the price may return to the $18,400 area.

The next big barrier is near $18,500, above which the price may accelerate and reach the $19,200 zone in the near future.

If Bitcoin fails to break beyond the $18,000 barrier, there could be further repercussions. On the downside, an immediate support is near the $17,580 level and the trend line support.

The next significant support is between $17,400 and the 100 hourly simple moving average. A negative break below the $17,400 support would call additional losses. In the aforementioned scenario, the price could fall towards the $16,800 support in the short term.

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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