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Bitcoin Price Analysis: BTC Eyes More Upsides Above $16K

Summary:
Bitcoin price started a strong increase above the ,000 and ,000 resistance levels against the US Dollar.The price is now trading well above the ,000 support and the 55 SMA (H4).There is a key bullish trend line forming with support near ,050 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could correct a few points, but there are high chances of more upsides towards K.Bitcoin price is showing bullish signs above the ,000 zone against the US Dollar. BTC is likely to continue higher towards ,000 as long as it is above ,800.Bitcoin Price AnalysisIn the past few days, bitcoin price followed a bullish path above the ,500 resistance against the US Dollar. BTC broke many hurdles near ,000 to move further into a positive zone.The price

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  • Bitcoin price started a strong increase above the $14,000 and $15,000 resistance levels against the US Dollar.
  • The price is now trading well above the $15,000 support and the 55 SMA (H4).
  • There is a key bullish trend line forming with support near $15,050 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could correct a few points, but there are high chances of more upsides towards $16K.

Bitcoin price is showing bullish signs above the $15,000 zone against the US Dollar. BTC is likely to continue higher towards $16,000 as long as it is above $14,800.

Bitcoin Price Analysis

In the past few days, bitcoin price followed a bullish path above the $14,500 resistance against the US Dollar. BTC broke many hurdles near $15,000 to move further into a positive zone.

The price gained pace above the $15,200 and $15,500 levels. It traded close to the $16,000 resistance and settled well above the 55 simple moving average (4-hours). The pair made two attempts to gain pace above $15,850, but it failed.

The last swing high was formed near $15,869 before the price declined towards $15,000. A low is formed near $14,819 and bitcoin price is currently climbing higher.

There was a break above the $15,300 level, plus the price traded above the 50% Fib retracement level of the recent decline from the $15,869 high to $14,819 low. Moreover, it seems like there is a key bullish trend line forming with support near $15,050 on the 4-hours chart of the BTC/USD pair.

On the upside, the pair is facing hurdles near $15,470 level. It is close to the 61.8% Fib retracement level of the recent decline from the $15,869 high to $14,819 low.

A successful close above the $15,470 and $15,500 levels may perhaps initiate a fresh increase. The next key resistance is near the $15,870 swing high. A clear break above the stated swing high is likely to set the pace for a break above the $16,000 level.

Conversely, bitcoin price might start a fresh decline from the $15,470 resistance. An initial support is near the trend line at $15,050. The main support is near the $14,800 level and the 55 simple moving average (4-hours). Any further losses may perhaps open the doors for a larger downward move towards $14,000.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading in a bullish zone above the $15,000 support and the 55 SMA (H4). In the short-term, the price could correct a few points, but there are high chances of more upsides towards $16K.

Technical indicators

4 hours MACD – The MACD is showing positive signs in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is still placed nicely the 50 level.

Key Support Levels – $15,050 and $14,800.

Key Resistance Levels – $15,470, $15,500 and $16,000.

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