Bitcoin price analysis: BTC begins to retrace, looks to break $18,302

Bitcoin price analysis

TL;DR Breakdown

  • Bitcoin price analysis shows a bullish market sentiment
  • Current support for BTC prices is at $17,706
  • The strongest resistance for the BTC price is seen at $18,305

Bitcoin price analysis shows that the BTC market has been in a bullish trend lately as the prices have been rising steadily. The current support for BTC prices is at $17,706 while the strongest resistance is seen at $18,305. In the past few days, there has been an increase in buying pressure which has pushed the prices up above the $18,300 level. The market is currently in a consolidation phase and it is expected to break out soon. Bitcoin gained a positive movement the previous day and significantly increased its value. Today the cryptocurrency continues a bullish movement and is at $18,302 at the time of writing.

Bitcoin has been up 2.86% in the last 24 hours with a trading volume of $20,517,891,135 and a live market cap of $349,609,749,880. However, the cryptocurrency shows potential for a reversal as the recent price analysis indicates the Bitcoin cost is moving toward the resistance.

Bitcoin price analysis1-day price chart: Bullish momentum builds on a daily chart

The 24-hour chart for Bitcoin price analysis shows a rise in price as the bulls are carrying on their lead to recover the price value. The price has moved up to the $18,302 level today, which is encouraging for the buyers as the coin price is going up.  The technical indication shows the market is currently in a bullish momentum on the daily chart and could retest the $18,305 resistance level soon. 

image 284
BTC/USD 24-hour chart. Source: TradingView

The Moving averages are currently bullish on the daily chart as the 50-day MA is trending above the 200-day MA. The Relative Strength Index (RSI) for LTC/USD is currently near the 50.18 levels, with a slight bullish angle. The MACD line is currently above the signal line on the daily chart, suggesting a bullish trend in the market. The Bollinger bands are currently showing an expansion in the market, suggesting a volatile market in the near term. The Bollinger band values have shifted as well as now the upper band is positioned at $17,775, while the lower value has been maintained at $16,172. 

Bitcoin price analysis: Bull’s uplift BTC price levels to $18,302 after recovery

The 4-hour Bitcoin price analysis shows that the bulls have taken advantage of the situation as the price increased once again in the last couple of hours. The 4-hour Bitcoin price analysis shows signs of bullish activity resuming back as the price levels increased to $18,302. The MACD value, on the other side, is trading above the signal line, which is present at $154.41 because of the uptrend that has been observed during the last few days.

image 283
BTC/USD 4-hour chart. Source: TradingView

The volatility has been slightly high during the past four hours, which is why the Bollinger bands average is now at $18,303. The upper Bollinger band value, on the other hand, is now $18,128 while the lower value is $16,653; the price is trading between the upper band and the mean average of the indicator. The RSI score is in the neutral range as the indicator is hovering at an index of 66.98 above the center line.

Bitcoin price analysis conclusion

Bitcoin price analysis shows that the price has increased due to the bullish up move of today. The price has been uplifted in the last 48 hours, which means that there is a strict chance of the bulls continuing their lead in the future. The cryptocurrency price is now at $18,302, which is a comparatively stable position. We expect the cryptocurrency to continue moving upward for today; however, the bulls seem to be exhausting up, and a correction might also come in.

While waiting for Bitcoin to move further, see our Price Predictions on XDCCardano, and Curve

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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