TA: Bitcoin Consolidating Gains, Why Close Below $17.5K Could Be Significant

TA: Bitcoin Consolidating Gains, Why Close Below $17.5K Could Be Significant


Bitcoin price surged towards the $18,500 level before correcting lower against the US Dollar. BTC must stay above $17,500 for upside continuation in the near term.

Bitcoin rallied further towards the $18,500 level before correcting lower sharply. The price is holding the key $17,500 support and it is well above the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $18,020 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh rally if there is a proper close above $18,000 and $18,200. Bitcoin Price Holding Key Supports

Yesterday, there was a sharp increase in bitcoin price above the $17,500 resistance level. BTC climbed over 10% and it even broke the $18,000 level. The price traded to a new multi-month high near $18,500 before it started a sharp decline.

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The price crashed over $1,000 and it broke the $17,800 support. There was also a

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