Bitcoin price is currently correcting losses from the ,860 low against the US Dollar.It is trading in a range above the ,440 support and below the ,965 resistance.There is a key bearish trend line forming with resistance near ,520 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could correct higher, but it is likely to face a lot of hurdles near ,965 and ,000.Bitcoin price is showing a few recovery signs above ,000 against the US Dollar. However, BTC is likely to struggle near the ,000 resistance area, above which it could rally sharply.Bitcoin Price AnalysisThis past week, there was a significant decline in bitcoin price below the ,000 support against the US Dollar. BTC even declined below the ,400 support and settled well below the 55
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- Bitcoin price is currently correcting losses from the $3,860 low against the US Dollar.
- It is trading in a range above the $4,440 support and below the $5,965 resistance.
- There is a key bearish trend line forming with resistance near $5,520 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could correct higher, but it is likely to face a lot of hurdles near $5,965 and $6,000.
Bitcoin price is showing a few recovery signs above $5,000 against the US Dollar. However, BTC is likely to struggle near the $6,000 resistance area, above which it could rally sharply.
Bitcoin Price Analysis
This past week, there was a significant decline in bitcoin price below the $5,000 support against the US Dollar. BTC even declined below the $4,400 support and settled well below the 55 simple moving average (4-hours).
The decline was such that the price spiked below the $4,000 level. A new 2020 low is formed near the $3,860 level and the price recently started an upside correction. It managed to recover above the $4,200 and $4,450 levels.
Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $8,024 high to $3,860 low. However, the price seems to be facing a lot of hurdles on the upside, starting with $5,650.
There is also a key bearish trend line forming with resistance near $5,520 on the 4-hours chart of the BTC/USD pair. Above the trend line and $5,650, the main hurdle for the bulls is near the $5,965 resistance.
The 50% Fib retracement level of the downward move from the $8,024 high to $3,860 low is also near the $5,940 level to act as a resistance. The last key hurdle is near the $6,250 level and the 55 simple moving average (4-hours).
A successful close above the $5,965 and $6,250 levels is needed for the bulls to take control in the near term. Conversely, the price might fail to continue above the $5,650 and $5,965 resistance levels.
In the mentioned case, it could resume its decline below the $5,000 support level. The main support is near the $4,450 level, below which the price is likely to test the $4,000 support.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading in a range above the $4,450 support. It could correct higher, but it is likely to struggle near $6,000.
Technical indicators
4 hours MACD – The MACD is slowly moving back into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently correcting higher and it is above the 52 level.
Key Support Levels – $5,000 and $4,500.
Key Resistance Levels – $5,520, $5,650 and $6,000.