Home / Bitcoin (BTC) / Bitcoin Price Analysis: BTC Rallies Above $13.5K, More Gains Likely

Bitcoin Price Analysis: BTC Rallies Above $13.5K, More Gains Likely

Summary:
Bitcoin price started a strong increase above the ,000 and ,500 resistance levels against the US Dollar.The price is now trading well above the ,500 support and the 55 SMA (H4).There was a break above a key contracting triangle with resistance near ,200 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 ,500 and ,350 levels.Bitcoin price is gaining pace above the ,500 resistance zone against the US Dollar. BTC is likely to continue higher above ,800 as long as it is above ,000.Bitcoin Price AnalysisIn the past few days, bitcoin price started a steady increase above the ,000 resistance against the US Dollar. BTC broke many hurdles near ,200 to move further into

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  • Bitcoin price started a strong increase above the $13,000 and $13,500 resistance levels against the US Dollar.
  • The price is now trading well above the $13,500 support and the 55 SMA (H4).
  • There was a break above a key contracting triangle with resistance near $13,200 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 $13,500 and $13,350 levels.

Bitcoin price is gaining pace above the $13,500 resistance zone against the US Dollar. BTC is likely to continue higher above $13,800 as long as it is above $13,000.

Bitcoin Price Analysis

In the past few days, bitcoin price started a steady increase above the $13,000 resistance against the US Dollar. BTC broke many hurdles near $13,200 to move further into a positive zone.

After a close above $12,800, there were range moves before the price resumed its upward move. There was a break above a key contracting triangle with resistance near $13,200 on the 4-hours chart of the BTC/USD pair.

The pair gained pace above the $13,500 resistance and the 55 simple moving average (4-hours). A high is formed near the $13,872 level and the price is currently consolidating gains. An initial support on the downside is near the $13,620 level.

The 23.6% Fib retracement level of the recent rally from the $12,796 swing low to $13,872 high is also near $13,620. The first major support is seen near the $13,350 level (the recent breakout zone).

The 50% Fib retracement level of the recent rally from the $12,796 swing low to $13,872 high is also close to the $13,350 support level. The next major support is near the $13,000 level, below which the bears are likely to aim a test of the 55 simple moving average (4-hours).

Conversely, bitcoin price might continue to rise above the $13,780 and $13,800 levels. The next major resistance is near the $14,000 level, above which the bulls are likely to aim a test of the $14,400 level or even $14,500.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading in a bullish zone above the $13,500 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 $13,500 and $13,350 levels.

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 correcting lower from the 80 level.

Key Support Levels – $13,620 and $13,350.

Key Resistance Levels – $13,800, $14,000 and $14,400.

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