Bitcoin price started a steady increase above the ,000 resistance against the US Dollar.The price is now trading well above the ,240 support and the 55 SMA (H4).There is a key bullish trend line forming with support near ,320 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is likely to rally further if it clears the ,450 and ,500 resistance levels.Bitcoin price is trading in a positive zone above the ,240 pivot level against the US Dollar. BTC remains well supported for more upsides above ,500 and ,700.Bitcoin Price AnalysisIn the past few days, bitcoin price remained in a positive zone above the ,000 resistance level against the US Dollar. BTC was able to climb above the ,240 pivot level and the 55 simple moving average
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- Bitcoin price started a steady increase above the $11,000 resistance against the US Dollar.
- The price is now trading well above the $11,240 support and the 55 SMA (H4).
- There is a key bullish trend line forming with support near $11,320 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to rally further if it clears the $11,450 and $11,500 resistance levels.
Bitcoin price is trading in a positive zone above the $11,240 pivot level against the US Dollar. BTC remains well supported for more upsides above $11,500 and $11,700.
Bitcoin Price Analysis
In the past few days, bitcoin price remained in a positive zone above the $11,000 resistance level against the US Dollar. BTC was able to climb above the $11,240 pivot level and the 55 simple moving average (4-hours).
The upward move gained pace above the $11,500 resistance. The price traded to a new monthly high at $11,737 before it started a downside correction. There was a break below the $11,600 and $11,580 levels.
The price traded below the 50% Fib retracement level of the upward move from the $11,189 swing low to $11,737 high. However, the bulls were able to protect the $11,300 support level and bitcoin stayed well above the 55 SMA (H4).
The 76.4% Fib retracement level of the upward move from the $11,189 swing low to $11,737 high also acted as a support. Moreover, there is a key bullish trend line forming with support near $11,320 on the 4-hours chart of the BTC/USD pair.
The pair is currently trading with a positive bias above the $11,320 support. The next major support is near the $11,240 pivot level. Any further losses could start a sharp bearish wave in the coming sessions.
Conversely, bitcoin price might continue to rise above the $11,450 and $11,500 levels. The next major resistance is near the $11,700 level, above which the bulls are likely to aim a test of the $12,000 level or even $12,200.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading well above the $11,240 support and the 55 SMA (H4). Therefore, the price is likely to rally further if it clears the $11,450 and $11,500 resistance levels in the near term.
Technical indicators
4 hours MACD – The MACD is struggling to gain pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is still well above the 50 level.
Key Support Levels – $11,320 and $11,240.
Key Resistance Levels – $11,500, $11,700 and $12,000.