Bitcoin price on February 18: BTC/USD surges to monthly highs above $3,800 – Confluence Detector

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.