Tech Analyst Pins Next Bitcoin Support Level

A trader going by the handle crypto bullet signalled a reversal in Bitcoin’s price from the $18 600 level.

$BTC is now in the middle of my 2017 ATH support zone

Weekly RSI at a new ATL
Fear in the market at a new ATH

If $18600 holds i am expecting a reversal today 📈 pic.twitter.com/WnGxYOpsQu

— crypto bullet 📈 (@SilverBulletBTC) June 18, 2022

Bitcoin is currently in the middle of my support zone, corresponding to the 2017 all-time high, the analyst noted.

According to him, the weekly RSI indicator is at an all-time low, and market fear has reached a new all-time high.

If $18 600 holds, I expect a reversal today, he stressed.

Otherwise, crypto bullet said, the $12 000 level would come into play.

If 18-19k not hold 12k is on the table
But since everybody is hoping for 12k we will likely not get it

And if everybody thinks $BTC can not bounce on a weekend it likely will#Bitcoin loves max pain scenarios

— crypto bullet 📈 (@SilverBulletBTC) June 18, 2022

But as everyone is hoping for $12 000, we are unlikely to see it. And if everyone thinks Bitcoin won’t bounce over the weekend, this is likely to happen. Bitcoin loves max-pain scenarios, the analyst stressed.

At the time of writing, Bitcoin is trading around $18 860, Ethereum near $980 (according to CoinGecko).

Earlier, the price of the first cryptocurrency for the first time in history plunged through the peak of the previous market cycle — the $20 000 level.

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