Monday, January 30, 2023

Bitcoin Price Key Trend is Forming And BTC Could Soon Surge to $18K

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Bitcoin price gained pace for a fresh move above $17,000. BTC is rising and might climb higher towards the $18,000 resistance zone.

  • Bitcoin started a fresh increase above $17,000 and $17,200 resistance levels.
  • The price is trading above $16,800 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $17,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair seems to be eyeing a move towards the $17,650 resistance or even $18,000.

Bitcoin Price Restarts Increase

Bitcoin price found support near the $16,800 zone after a downside correction. BTC remained well bid and started a fresh increase above the $17,000 resistance zone.

It even broke the $17,150 level and settled above the 100 hourly simple moving average. The price gained pace above the 76.4% Fib retracement level of the downward move from the $17,315 swing high to $16,784 swing low. Besides, there was a break above a major bearish trend line with resistance near $17,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. It is trading near the $17,250 level. On the upside, an immediate resistance is near the $17,350 level.

The first major resistance is near the $17,450 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,650 resistance. It is near the 1.618 Fib extension level of the downward move from the $17,315 swing high to $16,784 swing low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance is near $18,000, above which the price could attempt a move towards the $18,500 zone in the near term.

Dips Limited in BTC?

If bitcoin fails to start a fresh increase above the $17,350 resistance, there could be more downsides. An immediate support on the downside is near the $17,150 level.

The next major support is near the $17,000 zone and the 100 hourly simple moving average. A downside break below the $17,000 support might call for a move towards $16,750. Any more losses might call for a test of the key $16,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.

Major Support Levels – $17,150, followed by $17,000.

Major Resistance Levels – $17,350, $17,450 and $18,000.

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