After testing its previous all-time high last week, Bitcoin prices adjusted heavily to fall back to the USD 16,000 psychological support area. Ever since this market breather, Bitcoin has been on a slow recovery path, to reach a price at the time of writing of USD 18,950. But how will the price behave especially that were currently in uncharted territories?
Bitcoin Price Forecast – Technical Analysis shows healthy prices
Bitcoin had many reasons to crash last week:
- Many traders were actively waiting for Bitcoin prices to fall slightly, so they close their positions at maximum gains, fearing a repeated crash from 2017
- Bitcoin prices were on a heavy and extended uptrend, with no price adjustments
- When prices fell slightly, newcomers who purchased at prices higher than USD 18,500 panicked and closed their positions or were stopped out
Although the crash seemed to be extended, Bitcoin prices rebounded once they hit the strong support level of USD 16,000, forming a double bottom around that area, then going on an extended uptrend to reach a price at the time of writing of USD 18,950.
How to navigate through ATH areas
Investors who bought Bitcoin at prices below USD 15,000 are just sitting and watching the market react, waiting for strong reversal indicators, though there are no signs of repeals just yet.
Important areas to look out for:
- Support levels (SL areas):
- USD 18,000
- USD 17,500
- Resistance levels (TP or Entry areas):
- USD 19,000
- USD 19,500
- USD 20,000 (The all-awaited price)
The whole Cryptocurrency market was up and recovering as well
In the last 24 hours, most cryptocurrencies were up. This recovery should confirm a healthy price adjustment, after a whooping extended increase in prices, especially that Bitcoin is reaching its ATH once again for a third time, hoping to break it:
1- Bitcoin (BTC) : + 5.17 %
2- Ether (ETH) : + 8.10 %
3- Ripple (XRP) : + 1.50 %
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