Bitcoin price on February 18: BTC/USD surges to monthly highs above $3,800 – Confluence Detector
|- Bitcoin leads market recovery to achieve February 2019 highs at $3,816.
- Bitcoin leaves stubborn resistance behind as buyers set eyes on $4,000.
The cryptocurrency market is on the rise on Monday following the bullish wave that swept across the universe during the Asian trading hours on Monday. Bitcoin is trending 5.2% to the north and has already broken past the critical resistance at $3,800 for the first time in February 2019. In fact, a monthly high has been formed at $3,816.19.
Although Bitcoin price formidable gains are a great addition to the market, the majority of the digital assets are also breaking key barriers to the upside. Ethereum, for instance, is on the verge of correcting above $150 after adding over 9% to its value on the day. Ripple is up 4.7% to trade at $0.319, Bitcoin Cash is flirting with $133 following an 8.59% while EOS is up 12.12% to trade at $3.25.
According to the confluence detector technical levels, Bitcoin has corrected above the colossal confluence of hurdles. The way things stand now, Bitcoin journey to $4,000 will meet slight resistance at $3,848.08 as observed by the 61.8% Fibonacci retracement level 1M which also the previous high on the 1-hour timeframe chart. If bulls manage to overcome the bears at this level, the price must zoom past the next resistance at $3,926.89 (Pivot Point 1 Month R1) in order to test $4,000 and open the door for a correction towards $4,200 (ultimate resistance in the medium-term).
On the flipside, all the stubborn resistance levels have been turned into incredibly strong support levels, see confluence levels below.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.