Bitcoin price started a strong increase above the ,550 and ,600 resistance levels against the US Dollar.The price is now trading well above the ,700 support and the 55 SMA (H4).There was a break above a major bearish trend line with resistance near ,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could correct a few points, but dips are likely to find support near the ,700 and ,600 levels.Bitcoin price is showing positive signs above the ,600 support zone against the US Dollar. BTC is likely to continue higher above ,000 as long as it is above ,260.Bitcoin Price AnalysisIn the past few days, bitcoin price remained in a positive zone above ,200 against the US Dollar. BTC broke many hurdles near ,600 to move further into a
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- Bitcoin price started a strong increase above the $13,550 and $13,600 resistance levels against the US Dollar.
- The price is now trading well above the $13,700 support and the 55 SMA (H4).
- There was a break above a major bearish trend line with resistance near $13,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could correct a few points, but dips are likely to find support near the $13,700 and $13,600 levels.
Bitcoin price is showing positive signs above the $13,600 support zone against the US Dollar. BTC is likely to continue higher above $14,000 as long as it is above $13,260.
Bitcoin Price Analysis
In the past few days, bitcoin price remained in a positive zone above $13,200 against the US Dollar. BTC broke many hurdles near $13,600 to move further into a positive zone.
The upward move was such that the price even broke the $13,880 and $14,000 resistance levels. It is now trading well above the $13,700 support and the 55 simple moving average (4-hours). During the rise, there was a break above a major bearish trend line with resistance near $13,600 on the 4-hours chart of the BTC/USD pair.
A high is formed near the $14,090 level and the price is currently correcting gains. There was a break below the $13,880 level, and the price traded below the 23.6% Fib retracement level of the recent rise from the $13,293 swing low to $14,090 high.
The first key support is near the $13,700 level. It is close to the 50% Fib retracement level of the recent rise from the $13,293 swing low to $14,090 high.
The next major support is near the $13,600 level, below which the bears might aim a test of the 55 simple moving average (4-hours). Any further losses is likely to call for a push towards the $13,300 support level and a connecting bullish trend line on the same chart.
Conversely, bitcoin price might continue to rise above the $13,880 and $13,950 levels. The next major resistance is near the $14,000 level, above which the bulls are likely to aim a rally towards $14,420 or $14,500.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading in a bullish zone above the $13,600 support and the 55 SMA (H4). In the short-term, the price could correct a few points, but dips are likely to find support near the $13,700 and $13,600 levels.
Technical indicators
4 hours MACD – The MACD is placed nicely in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now correcting lower towards the 50 level.
Key Support Levels – $13,700 and $13,600.
Key Resistance Levels – $13,880, $14,000 and $14,420.