Bitcoin Price Analysis: BTC targets another high at $18.500

Bitcoin price started a wave of recovery with support at $15,500  against the US dollar. 
 The price is now  above $16,500 and the 55 Simple Moving Average (Four hours). The -hour chart of  BTC/USD showed a break above a crucial downtrend line with resistance near $16,480  (data  from Coinbase). 

 The pair may recover further, but gains may be limited above the $18,500 resistance area. 
 Bitcoin recovers above $16,500 against the US dollar. BTC can extend its recovery if it stays above the $16,400 support area. 

 Bitcoin Price Analysis 

 Bitcoin price remained close to the well-supported $15,500 support area. The Bears tried twice to get rid of the $15,500 grant, but failed. The lowest price was made  near $15,512 and the price is now rising. 
 The recovery wave was above the $16,000 resistance area. Additionally, there was a break above a key bearish  line with resistance near $16,480 on the 
-hour chart of BTC/USD. The pair even cleared the $16,750 resistance area. 
 It is now trading above $16,500 and  55 simple moving averages (four- hours). Immediate resistance on the upside is near the $16,920 level. This is near the 23.6% Fib retracement level of the main decline at $21,480 from $15,510. 

 The next major resistance could be near the $17,200 zone. A clear move above the $17,200 level could direct the price to $18,000, above which the price could rise to the 50% Fib retracement level, with a significant drop from  $21,479  to $15,510. 

 Any further gains could take the price to the $19,000 zone. If there is no uptrend, the price may start a new decline below $16,600. 
 The first major support is near the $16,400 level and the 55 simple moving average (four-hours). The next major support is near the $16,000 level, below which the price may accelerate downwards. In this case, the price may fall to the $15,500 level. Possible further losses could direct the price towards the $14,200 level.

Looking at the chart, bitcoin  is well above $16,500 and the 55 simple moving average (
four-hours). Overall, the price may recover further, but gains may be limited above the $18,500 resistance area. 

 Technical Indicators 
 Hour MACD - MACD is now gaining momentum in the bullish zone. 
-hour RSI (Relative Strength Index) - RSI is now above the 50 level. 
 key support levels - $16,400 and $15,500. 
 key resistance levels at $17,000, $17,200 and $18,500.

🌐   source

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