Bitcoin price rallied recently above the ,400 and ,500 resistance levels against the US Dollar.The price traded to a new yearly high at ,900 and settled above the 55 simple moving average (4-hours).There is a crucial bullish trend line forming with support near ,420 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair remains well supported and dips towards ,420 and ,315 might prevent buy opportunity.Bitcoin price is gaining bullish momentum and it recently jumped towards ,000 against the US Dollar. BTC is correcting lower, but it is likely to find support near ,420 or ,315.Bitcoin Price AnalysisIn the past few days, bitcoin price started a steady rise above the ,000 resistance against the US Dollar. BTC broke a few key resistances near ,420 and
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- Bitcoin price rallied recently above the $8,400 and $8,500 resistance levels against the US Dollar.
- The price traded to a new yearly high at $8,900 and settled above the 55 simple moving average (4-hours).
- There is a crucial bullish trend line forming with support near $8,420 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair remains well supported and dips towards $8,420 and $8,315 might prevent buy opportunity.
Bitcoin price is gaining bullish momentum and it recently jumped towards $9,000 against the US Dollar. BTC is correcting lower, but it is likely to find support near $8,420 or $8,315.
Bitcoin Price Analysis
In the past few days, bitcoin price started a steady rise above the $8,000 resistance against the US Dollar. BTC broke a few key resistances near $8,420 and $8,500 to continue higher.
Moreover, there was a close above the $8,420 level and the 55 simple moving average (4-hours). Finally, the price surged towards the $9,000 level and a new yearly high was formed near $8,900.
The price is currently correcting lower below the $8,800 level. There was a break below the 23.6% Fib retracement level of the recent rally from the $7,947 low to $8,900 high.
On the downside, there many supports for bitcoin, starting with $8,420. Besides, the 50% Fib retracement level of the recent rally from the $7,947 low to $8,900 high is also near the $8,420 level to provide support.
More importantly, there is a crucial bullish trend line forming with support near $8,420 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the trend line, the price could test the $8,310 support.
Any further losses may perhaps lead the price towards the $8,100 support area and the 55 simple moving average (4-hours). On the upside, there are hurdles near the $8,800 and $8,900 levels.
The main hurdle is near the $9,000 level, above which the price is likely to climb towards $9,200 and $9,250. Any further gains might push BTC towards the $10,000 level in the near term.
Bitcoin Price
Looking at the chart, bitcoin price is showing a lot of positive signs above the $8,420 and $8,310 levels. Therefore, there are chances of more upsides above $8,900 unless the bears push the price below $8,420 and $8,310.
Technical indicators
4 hour MACD – The MACD is currently reducing its bullish slope.
4 hour RSI (Relative Strength Index) – The RSI is currently correcting lower from the overbought zone.
Key Support Levels – $8,420 and $8,310.
Key Resistance Levels – $8,800, $9,000 and $9,200.