Bitcoin price found support near the ,800 area and recently corrected higher.The price is trading above the ,500 level and the 55 SMA (H4).There is a major rising channel forming with support near ,560 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair must break the ,960 and ,120 resistance levels to continue higher in the near term.Bitcoin price is currently recovering higher above ,500 against the US Dollar. BTC is likely to clear the ,950 resistance as long as it is above the ,560 support.Bitcoin Price AnalysisIn the past few days, bitcoin price started a steady recovery wave from the ,810 swing low against the US Dollar. BTC broke a couple of key hurdles near the ,350 and ,400 levels to move into a positive zone.There was also a
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- Bitcoin price found support near the $9,800 area and recently corrected higher.
- The price is trading above the $10,500 level and the 55 SMA (H4).
- There is a major rising channel forming with support near $10,560 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair must break the $10,960 and $11,120 resistance levels to continue higher in the near term.
Bitcoin price is currently recovering higher above $10,500 against the US Dollar. BTC is likely to clear the $10,950 resistance as long as it is above the $10,560 support.
Bitcoin Price Analysis
In the past few days, bitcoin price started a steady recovery wave from the $9,810 swing low against the US Dollar. BTC broke a couple of key hurdles near the $10,350 and $10,400 levels to move into a positive zone.
There was also a break above the $10,600 level and the 55 simple moving average (4-hours). The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $12,098 high to $9,810 low.
It even broke the $10,800 resistance, but it struggled to clear the $10,950 and $11,000 resistance levels. It seems like the price struggled to clear the 50% Fib retracement level of the downward move from the $12,098 high to $9,810 low.
A high is formed near $10,954 and the price is currently consolidating gains. On the downside, there is a key support forming near $10,600 and $10,560. There is also a major rising channel forming with support near $10,560 on the 4-hours chart of the BTC/USD pair.
The next major support is near the $10,350 level and the 55 simple moving average (4-hours). Any further losses may perhaps negate the chances of more gains and the price might decline towards the $10,000 support zone.
Conversely, the price could continue to rise above the $10,950 and $11,000 resistance levels. The next major hurdle is near the $11,120 level, above which the price may perhaps climb towards the $11,500 level.
Bitcoin Price
Looking at the chart, bitcoin price is trading nicely above the $10,560 support zone and the 55 SMA (H4). Overall, the price must break the $10,960 and $11,120 resistance levels to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD is showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now well above the 50 and 55 levels.
Key Support Levels – $10,560 and $10,350.
Key Resistance Levels – $10,950, $11,000 and $11,120.