Bitcoin (BTCUSD) Remains Strong above the $23348.73 Supply Mark
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Bitcoin (BTCUSD) Price Forecast: February 18
The BTCUSD pair at the moment is trying hard not to fall by resisting sellers, in case the bulls’ pressure breaks up the resistance level of $24386.50, the coin price may increase further to a $30000.00 high trend line which indeed will be a turnaround for the coin holders.
Key Levels:
Resistance Levels: $23000.00 $24000.00, $25000.00
Support Levels: $20000.00, $19000.00, $18000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD remains bullish on the higher time frames. This is clear as we can see the prices trading above the moving average lines indicating an uptrend.
However, the previous action at the $24386.50 high level in the past few days has really sustained the coin price to remain above the trend line.
The coin price finds reliable resistance at around the $23917.00 level above the two EMAs, resulting in intraday gains. Hence, staying above the resistance trend lines indicates a strong possibility for a bullish correction.
The pair however shows the continuation of bullish sentiment. After testing the lows of $23510.73 in the previous action, sellers look exhausted while the price of
Bitcoin remains above the $23348.73 value as the price continues to sustain an upward move as indicated by the momentum indicator. But the downside risk remained uncertain. Thus, the next bulls’ target might be the $30000.00 high level in the days ahead in its long-term outlook.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
Despite the interference of short-term traders in the price flow, the medium-term time frame market shows a bullish race. The price of BTCUSD can now be seen progressing upward above the moving averages. This shows that buyers are currently gaining more strength in the market.
In the previous session, the coin price was ranging above the two EMAs but additional buying pressure pushed the price above the critical level from the $23809.83 value to the $23866.86 resistance level above the moving averages. This will however give the buy traders the tendency to further ladder up the trend. To push the price above the supply zone more buyers’ participation is a prerequisite.
However, there is a possibility of a further increase in the price of Bitcoin, if the buy traders should increase their price actions and all the current support level holds, a psychologically key level at the $25090.77 supply level might be reached soon in its medium-term time frame.
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