Previous article BTC price- Key levels to watch as bulls rally to $18,600 Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News BTC price- Key levels to watch as bulls rally to $18,600 BTC price- Key levels to watch as bulls rally to $18,600 By - min read 30 November 2020 Bulls have rallied BTC/USD to highs of $18,600 and could break higher if they hold prices at key levels Bitcoin’s recovery from last week’s sell-off has seen bulls rally to highs near $18,700. Although the cryptocurrency remains vulnerable to a pullback to lows seen over the weekend, the technical picture offers bulls hope of retesting $19,500 if they hold key price levels. Given the outlook, BTC bulls will be in a great position if they maintain the upside momentum seen in the past 48 hours. BTC/USD key levels Two analysts have pinpointed key price levels to watch after Bitcoin rebounded from lows of $16,200 to trade above $18,600. According to Michael van de Poppe, the short term goal for BTC bulls is to keep prices above the $17,700—$17,850 levels. The analyst has noted that holding prices above these levels is key to preventing a bearish breakout that could see BTC/USD drop back to lows of $16,000. The level ($17,700-$17,850) is home to the 0.5 Fibonacci level ($17,814) of the move from $19,490 high to $16,218 low. Bitcoin price chart. Source: Michael van de Poppe on Twitter The next important price level is $18,253, which acted as a resistance/support area in the past month. If bears put up a strong rejection around this level, the pullback could include a spiral to the aforementioned lows. However, a spike above $18,500 will open up a path to $19,000 and last week’s peak. Another analyst, Josh Rager, has said that Bitcoin’s rebound in the past two days puts BTC/USD “between a couple of key levels on lower time frames”. BTC/USD chart suggesting a retest of $19,300. Source: Josh Rager on Twitter According to the trader, the key levels to watch are $18,265 and $18,800. A breakout above the latter could see bulls push to $19,300, while a breakdown risks undoing all the gains made over the weekend. BTC/USD 4-hour chart BTC/USD 4-hour price chart. Source: TradingView The 4-hour chart shows that BTC/USD is looking to breach resistance at the 0.786 Fibonacci level of the downswing from $19,490 high to $16,218 low at $18,713. The area provides a key support/resistance line above which bulls can retest $19,386. If the uptrend takes prices above the hurdle, consolidation around the $19,500 level could provide the impetus for further upsides. Conversely, a rejection of the prices at the time of writing could see BTC/USD retrace to the 0.618 Fibonacci and then the 0.5 Fib level— at $18,185 and $17,814, respectively. At the time of writing, BTC/USD is trading around $18,643. Where it trends next will largely depend on whether the price holds above or breaks below the key levels in the next few sessions. Share this article Categories Analysis Tags Bitcoin News