Bitcoin price traded to a new multi-month high close to $18,850 against the US Dollar. BTC is now consolidating gains (while ripple surged 35%) and preparing for the next major move.
Bitcoin traded above the $18,000 resistance and almost tested the $19,000 level. The price is now consolidating above $18,000 and the 100 simple moving average (4-hours). There is a key contracting triangle forming with resistance near $18,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could either rally further above $18,800 or it might correct lower towards the $17,350 level. Bitcoin Price is Consolidating Gains
This past week, bitcoin extended its rise above the $17,500 and $18,000 resistance levels against the US Dollar. The BTC/USD pair even cleared the $18,500 level and settled well above the 100 simple moving average (4-hours).
It traded close to the $19,000 level and formed a new multi-month high at $18,853. The price is currently