Bitcoin price is trading nicely above the ,540 and ,400 support levels against the US Dollar.It is currently struggling to clear the ,940 and ,020 resistance levels.There is a major bullish trend line forming with support at ,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could start a strong rally if there is a clear break above ,940 and ,020.Bitcoin price is currently consolidating gains above the ,400 support against the US Dollar. BTC is likely to surge higher above the ,000 barrier in the near term.Bitcoin Price AnalysisIn the past few days, bitcoin price started a steady rise above the ,175 resistance against the US Dollar. BTC broke the main ,400 resistance area to move further into a positive zone.Besides, there was a break
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- Bitcoin price is trading nicely above the $9,540 and $9,400 support levels against the US Dollar.
- It is currently struggling to clear the $9,940 and $10,020 resistance levels.
- There is a major bullish trend line forming with support at $9,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a strong rally if there is a clear break above $9,940 and $10,020.
Bitcoin price is currently consolidating gains above the $9,400 support against the US Dollar. BTC is likely to surge higher above the $10,000 barrier in the near term.
Bitcoin Price Analysis
In the past few days, bitcoin price started a steady rise above the $9,175 resistance against the US Dollar. BTC broke the main $9,400 resistance area to move further into a positive zone.
Besides, there was a break above the $9,540 resistance zone and the price settled nicely above the 55 simple moving average (4-hours). On the upside, the price is facing a strong resistance near the $9,940 and $10,020 levels.
The recent high was near the $9,955 level before the price started consolidating gains. It corrected a few points below the $9,700 level. There was a break below the 23.6% Fib retracement level of the upward move from the $8,199 swing low to $9,955 high.
The price found support near the $9,400 area and the 55 simple moving average (4-hours). It also stayed well above the 50% Fib retracement level of the upward move from the $8,199 swing low to $9,955 high.
More importantly, there is a major bullish trend line forming with support at $9,600 on the 4-hours chart of the BTC/USD pair. The trend line is acting as a strong support and the price is currently rising towards the $9,800 level.
The main hurdle is still near the $9,940 and $10,020 resistance levels, above which bitcoin price is likely to continue higher. The next major resistance could be near the $10,400 and $10,500 levels.
Conversely, the price could break the trend line support to start a fresh decline towards the $9,175 support. Any further losses may perhaps trigger a sustained downward move towards the $8,500 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above the main $9,400 and $9,175 support levels. As long as there is no close below $9,400, the price is likely to break the $10,000 barrier.
Technical indicators
4 hours MACD – The MACD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level.
Key Support Levels – $9,400 and $9,175.
Key Resistance Levels – $9,800, $9,940 and $10,020.