Bitcoin Analysis of May 18: Preparing for a New Rising?

Bitcoin analysis of May 18; Bitcoin looks stable above the $29,600 support. According to technical analysis by NewsBTC’s Aayush Jindal, BTC must surpass the $31,350 resistance to start a decent uptrend.

Bitcoin Consolidates

Bitcoin found support near the $29,000 zone and started a fresh increase. The price climbed above the $30,000 resistance zone. There was a move above the 50% Fib retracement level of the recent major decline from the $31,390 high to $29,060 high. However, the bulls struggled to stay in action above the $30,500 zone. However, it faced resistance near the $30,600 level.

Bitcoin is currently trading near the $30,000 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $30,600 level.

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Bitcoin analysis of May 18
Bitcoin analysis of May 18

The next major resistance is near the $31,350 level. A clear move above the $31,300 and $31,350 resistance levels could start a fresh increase in the near term. The next key resistance could be near the $32,000 level. Above this, the price could rally to $33,200.

Will Bitcoin Drop?

Bitcoin analysis of May 18, according to Jindal; He says that if Bitcoin fails to gain momentum above the $30,600 resistance zone, it could start a fresh decline. An immediate support is near the $29,650 level. The next major support is near the $29,150 level. A downside break and close below the $29,150 support could put pressure on the bulls. In the stated case, the price could drop to the $28,000 level.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD is now slowly gaining momentum in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
  • Major Support Levels – 29,650 followed by $29,150
  • Major Resistance Levels – $30,600, $31,350 and $32,000

Note: You have come to the end of the Bitcoin analysis of May 18. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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