Bitcoin price traded to a new 2020 high at ,620 before it started correcting lower against the US Dollar.The price traded below the ,500 level and even spiked below the ,210 support area.There is a major bullish trend line forming with support near ,105 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could either rally again above ,300 or it might dip towards the ,840 support area.Bitcoin price rallied towards the ,650 level before correcting lower against the US Dollar. BTC is now trading near the key ,100 and ,000 support levels.Bitcoin Price AnalysisAfter a successful break above the ,500 level, bitcoin price extended its upward move above the ,600 level against the US Dollar. BTC even settled above the ,300 level and the 55 simple
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- Bitcoin price traded to a new 2020 high at $9,620 before it started correcting lower against the US Dollar.
- The price traded below the $9,500 level and even spiked below the $9,210 support area.
- There is a major bullish trend line forming with support near $9,105 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could either rally again above $9,300 or it might dip towards the $8,840 support area.
Bitcoin price rallied towards the $9,650 level before correcting lower against the US Dollar. BTC is now trading near the key $9,100 and $9,000 support levels.
Bitcoin Price Analysis
After a successful break above the $9,500 level, bitcoin price extended its upward move above the $9,600 level against the US Dollar. BTC even settled above the $9,300 level and the 55 simple moving average (4-hours).
Finally, the price traded to a new 2020 high at $9,620 before the bears took control. As a result, there was a downside correction below the $9,500 and $9,420 levels.
Moreover, there was a break below the 23.6% Fib retracement level of the major rally from the $8,218 low to $9,620 high. More importantly, the price spiked below the key $9,210 and $9,200 support levels.
However, the $9,100 area is acting as a decent support. Besides, there is a major bullish trend line forming with support near $9,105 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the trend line support, there is a risk of more losses below $9,100.
The next major support is near the $8,990 and $8,940 levels. The 50% Fib retracement level of the major rally from the $8,218 low to $9,620 high is also near the $8,920 level.
Therefore, the $8,920 area is likely to act as a strong support zone in the coming sessions. On the upside, an initial resistance is near the $9,300 area and the 55 simple moving average (4-hours).
To move back into a positive zone, the price must settle above $9,300 and 55 simple moving average (4-hours). In the mentioned case, there are chances of a strong rise towards the $9,600 and $9,800 levels.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above a couple of important supports near the $9,100 levels. It could either rally again above the $9,300 barrier or extend its correction towards $8,920.
Technical indicators
4 hours MACD – The MACD is currently moving slowly in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently rising towards the 50 level.
Key Support Levels – $9,100 and $8,920.
Key Resistance Levels – $9,300, $9,500 and $9,600.