Bitcoin price started a fresh increase above the ,340 resistance against the US Dollar.The bulls succeeded in clearing the key ,500 resistance zone and the 55 simple moving average (4-hours).There was a break above a crucial bearish trend line with resistance near ,400 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair traded as high as ,793 and it is currently correcting gains.Bitcoin price is back in a positive zone above ,400 and ,500 against the US Dollar. However, BTC must break the ,880 resistance to continue higher above ,000.Bitcoin Price AnalysisThere was another bearish reaction in bitcoin price this past week below ,200 against the US Dollar. However, BTC remained stable above the ,060 support level. A low was formed near ,171 and
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- Bitcoin price started a fresh increase above the $9,340 resistance against the US Dollar.
- The bulls succeeded in clearing the key $9,500 resistance zone and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $9,400 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair traded as high as $9,793 and it is currently correcting gains.
Bitcoin price is back in a positive zone above $9,400 and $9,500 against the US Dollar. However, BTC must break the $9,880 resistance to continue higher above $10,000.
Bitcoin Price Analysis
There was another bearish reaction in bitcoin price this past week below $9,200 against the US Dollar. However, BTC remained stable above the $9,060 support level. A low was formed near $9,171 and the price recently started a steady increase.
There was a break above the key $9,340 resistance level and the 55 simple moving average (4-hours) to start the increase. More importantly, there was a break above a crucial bearish trend line with resistance near $9,400 on the 4-hours chart of the BTC/USD pair.
The pair settled nicely above the $9,400 and $9,500 levels. It traded as high as $9,793 and it is currently correcting lower. There was a break below the $9,720 level. Besides, the price traded below the 23.6% Fib retracement level of the upward move from the $9,171 low to $9,793 high.
However, the previous resistance region near the $9,580 level is now acting as a strong support. If there are more losses, the price could test the $9,500 and $9,480 support levels in the near term.
The 50% Fib retracement level of the upward move from the $9,171 low to $9,793 high is also near the $9,482 level to act as a support. The main support is now near the $9,420 level and the 55 simple moving average (4-hours), below which the price could turn bearish again.
Conversely, the price is likely to continue higher above the $9,780 and $9,800 levels. The key hurdle is near the $9,880 level, above which the price is likely to surge above the $10,000 handle in the near term.
Bitcoin Price
Looking at the chart, bitcoin price is now back in a positive zone above the key $9,500 resistance zone and the 55 simple moving average (4-hours). Therefore, there are high chances of more upsides above $9,880.
Technical indicators
4 hours MACD – The MACD is currently losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level.
Key Support Levels – $9,580 and $9,340.
Key Resistance Levels – $9,780, $9,880 and $10,000.