Bitcoin price is holding a couple of important supports near the ,200 level.The price is slowly rising, but it struggling to clear ,600 and the 55 SMA (H4).There is a key bullish trend line forming with support near ,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair must clear the 55 SMA and the ,600 resistance to restart its rally in the near term.Bitcoin price is showing a few positive signs above ,000 against the US Dollar. However, BTC must surpass the ,600 resistance zone to continue higher towards ,000.Bitcoin Price AnalysisThis past week, bitcoin price struggled to gain momentum above the ,000 and ,100 levels against the US Dollar. As a result, BTC reacted to the downside and broke the ,600 support level.The price even
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- Bitcoin price is holding a couple of important supports near the $11,200 level.
- The price is slowly rising, but it struggling to clear $11,600 and the 55 SMA (H4).
- There is a key bullish trend line forming with support near $11,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair must clear the 55 SMA and the $11,600 resistance to restart its rally in the near term.
Bitcoin price is showing a few positive signs above $11,000 against the US Dollar. However, BTC must surpass the $11,600 resistance zone to continue higher towards $12,000.
Bitcoin Price Analysis
This past week, bitcoin price struggled to gain momentum above the $12,000 and $12,100 levels against the US Dollar. As a result, BTC reacted to the downside and broke the $11,600 support level.
The price even traded below the $11,500 support level and settled below the 55 simple moving average (4-hours). It tested the $11,200 support zone and a swing low was formed near $11,142. Recently, the price started an upside correction and climbed above the $11,400 level.
There was a break above the 23.6% Fib retracement level of the downward correction from the $12,110 high to $11,142 swing low. It is now facing a major resistance near the $11,600 zone and the 55 simple moving average (4-hours).
The bulls are also struggling to clear the 50% Fib retracement level of the downward correction from the $12,110 high to $11,142 swing low. If they succeed, the price could start a strong wave towards the $12,000 resistance zone in the near term.
Any further gains could open the doors for a larger upward move towards the $12,400 level. Conversely, the price might fail to clear the $11,600 barrier and the 55 SMA.
On the downside, there is a key bullish trend line forming with support near $11,200 on the 4-hours chart of the BTC/USD pair. If the price breaks the trend line support, there is a risk of a larger decline towards the $10,850 support.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above a couple of important supports near $11,200. Still, must clear the 55 SMA and the $11,600 resistance to restart its rally in the near term.
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 close to the 50 level.
Key Support Levels – $11,200 and $10,850.
Key Resistance Levels – $11,600, $12,000 and $12,100.