Bitcoin price started a strong increase above the ,000 and ,000 resistance levels against the US Dollar.The price traded as high as ,493 and it settled nicely above the 55 SMA (H4).There is a key bullish trend line forming with support near ,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could correct a few points, but the bulls are likely to remain active near ,200 and ,000.Bitcoin price is showing bullish signs above the ,000 zone against the US Dollar. BTC surged towards the ,500 level and it is currently correcting lower.Bitcoin Price AnalysisIn the past few days, bitcoin price followed a bullish path above the ,800 resistance against the US Dollar. BTC broke many hurdles near ,000 to move further into a positive zone.The
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- Bitcoin price started a strong increase above the $17,000 and $18,000 resistance levels against the US Dollar.
- The price traded as high as $18,493 and it settled nicely above the 55 SMA (H4).
- There is a key bullish trend line forming with support near $16,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could correct a few points, but the bulls are likely to remain active near $17,200 and $17,000.
Bitcoin price is showing bullish signs above the $17,000 zone against the US Dollar. BTC surged towards the $18,500 level and it is currently correcting lower.
Bitcoin Price Analysis
In the past few days, bitcoin price followed a bullish path above the $16,800 resistance against the US Dollar. BTC broke many hurdles near $17,000 to move further into a positive zone.
The price gained pace above the $17,500 and $18,000 levels. It traded close to the $18,500 resistance and settled well above the 55 simple moving average (4-hours). A new multi-month high was formed near $18,493 before it started a sharp downside correction.
The price traded below the $18,000 level. There was a break below the 50% Fib retracement level of the recent upward move from the $16,579 swing low to $18,493 high.
On the downside, the $17,200 level is a strong support. It is close to the 61.8% Fib retracement level of the recent upward move from the $16,579 swing low to $18,493 high. There is also a key bullish trend line forming with support near $16,800 on the 4-hours chart of the BTC/USD pair.
If there is a break below the trend line support, the price could extend its decline towards the $16,200 support. The 55 simple moving average (4-hours) is also near the $16,200 support.
On the upside, the $17,800 and $18,000 levels are initial hurdle. A successful close above the $17,800 and $18,000 levels may perhaps lead the price back towards the $18,500 level. Any further gains might call for a test of the $19,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading in a bullish zone above the $17,200 support and the 55 SMA (H4). In the short-term, the price could correct a few points, but the bulls are likely to remain active near $17,200 and $17,000.
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 well above the 50 level.
Key Support Levels – $17,200 and $17,000.
Key Resistance Levels – $17,800, $18,000 and $18,500.