Bitcoin rockets above $18,000

Bitcoin rally is in full swing as buyers managed to push the price above $18 000 a level not seen since December 2017. The upward move is expected to continue towards the $20,000 level, as many investors see the digital currency as a possible inflation hedge. Bitcoin’s price more than doubled since January, propelled by coronavirus stimulus measures, validation from public companies and rising interest among major investors.

BITCOIN - the $18,500 level remains the major resistance before a new all-time high above $20,000. However RSI is in the overbought area which could herald a potential correction. The nearest support is lies around $16,000 level and is strenghtned 50 SMA (green line) on the 4-hour chart. Source: xStation5

Looking at the higher interval, one can see that other altcoins besides Ethereum lag behing compared to the Bitcoin rally. Source: xStation5

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