Bitcoin exceeds $ 18,000 to continue its massive rally
BTC follows an ascending and parabolic support line.
Long term resistance can be found at $ 19,650.
Brackets can be found at $ 16,750 and $ 15,500
On November 18, the price of Bitcoin (BTC) peaked at $ 18,476 before dropping significantly. While it is not yet certain whether or not BTC has peaked, we expect a retracement to the support areas.
On November 17, Bitcoin (BTC) posted a massive rise, reaching a high of $ 17,680.
Price continued to rise the next day, but fell sharply after peaking at $ 18,476. However, he has already regained most of the losses from that fall.
Bitcoin is following a parabolic ascending support line, and it has not yet fallen below.
The RSI has generated bearish divergences, but the MACD has reversed and is found higher. The Stochastic Oscillator has yet to form a bearish cross.
The daily timescale shows that BTC has clearly broken above the 0.854 fibonacci retracement level of the earlier decline.
We get the next size resistance from the maximum high as of 2017, not far from $ 19,645
The hourly chart shows a massive bullish recovery candlestick after peaking at $ 18,476. Although BTC hit a low of $ 17,214 in the same hour, posting a decline of over 6%, it quickly recovered, trading at around $ 18,100 at the time of this article’s publication.
The MACD per hour is declining and the RSI per hour has generated bearish divergences, dropping the oversold region.
The Minute Chart presents a more bearish outlook. After its massive fall, the price moved back up to the $ 18,250 area, which initially served as support but has now converted to resistance. Although the BTC first deviated above this area, it then moved back below and then suffered a sharp decline.
Unless BTC manages to regain this area, the short-term trend is considered to be bearish.