$BTC just moved +9% in 4 minutes.— Alex Krüger (@krugermacro) 2019年7月18日
Bitcoin volatility is back to levels not seen since the end of the great 2017 bull market pic.twitter.com/2CfKOOjPOo— skew (@skew_markets) 2019年7月18日
The BTC/USD pair traded close the $9,000 support level and formed a new monthly low near $9,095. Later, the price formed a decent support base above $9,400 and recently started an upward move. It surged more than $1,000 and broke the key $10,000 resistance.
If there is a downside break, the price could test $10,440 or the 23.6% Fib retracement level of the recent wave from the $9,271 low to $10,807 high. However, the main support on the downside is near the $10,200 level and the 100 hourly simple moving average.
Looking at the chart, bitcoin price is clearly trading in a positive zone above the $10,200 and $10,400 support levels. If there are more gains above $10,800, the price might move towards the $11,500 level in the near term.