Bitcoin price started a decent recovery from the ,500 zone against the US Dollar. The price is now trading above ,000 and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could accelerate higher if it clears the ,000 resistance zone. Bitcoin price is rising above ,000 against the US Dollar. BTC might continue to rise if there is a clear move above the ,000 resistance zone. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,000 resistance zone. BTC traded below the ,000 and ,000 support levels to move again into a bearish zone. However, the bulls remained active near the ,500
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- Bitcoin price started a decent recovery from the $45,500 zone against the US Dollar.
- The price is now trading above $48,000 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $48,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could accelerate higher if it clears the $50,000 resistance zone.
Bitcoin price is rising above $48,000 against the US Dollar. BTC might continue to rise if there is a clear move above the $50,000 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $52,000 resistance zone. BTC traded below the $50,000 and $48,000 support levels to move again into a bearish zone.
However, the bulls remained active near the $45,500 zone. The price formed a base above $45,500 and started a fresh increase. It climbed above the 23.6% Fib retracement level of the key decline from the $59,118 swing high to $42,330 low.
There was also a break above a major bearish trend line with resistance near $48,000 on the 4-hours chart of the BTC/USD pair. It is now trading above $48,000 and the 55 simple moving average (4-hours).
On the upside, an initial resistance is near the $50,000 level. The main resistance is forming near the $50,800 zone. It is near the 50% Fib retracement level of the key decline from the $59,118 swing high to $42,330 low.
A close above the $50,800 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily and might even surpass the $52,000 level.
An immediate support on the downside is near the $48,500 level. The next key support is near the $47,000 level. If the price fails to stay above $47,000, it could extend losses in the near term. The next major support sits near $45,500, below which there is a risk of a move towards the $42,500 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $48,000 and the 55 simple moving average (4-hours). Overall, the price could accelerate higher if it clears the $50,000 resistance zone.
Technical indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $48,500 and $47,000.
Key Resistance Levels – $50,000, $50,800 and $52,000.