Bitcoin price remained in a strong uptrend above ,000 and ,000 against the US Dollar.The price is now trading well above ,000 and the 55 simple moving average (4-hours).There is a crucial bullish trend line forming with support near ,300 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is likely to continue higher if it clears the ,500 and ,800 resistance levels.Bitcoin price is currently gaining momentum above ,000 against the US Dollar. BTC could rally further above ,500 as long as it is above ,000.Bitcoin Price AnalysisAfter a downside correction, bitcoin price formed a support base above ,000 and ,000 against the US Dollar. BTC started a fresh increase above the ,000 level and it rallied above the ,500 level.As a result,
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- Bitcoin price remained in a strong uptrend above $28,000 and $30,000 against the US Dollar.
- The price is now trading well above $34,000 and the 55 simple moving average (4-hours).
- There is a crucial bullish trend line forming with support near $31,300 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to continue higher if it clears the $35,500 and $38,800 resistance levels.
Bitcoin price is currently gaining momentum above $34,000 against the US Dollar. BTC could rally further above $35,500 as long as it is above $30,000.
Bitcoin Price Analysis
After a downside correction, bitcoin price formed a support base above $28,000 and $30,000 against the US Dollar. BTC started a fresh increase above the $32,000 level and it rallied above the $33,500 level.
As a result, there was a strong push above the $34,000 level. The price even broke the $35,000 resistance level and settled well above the 55 simple moving average (4-hours). A new all-time high is formed near $35,913 and the price is currently consolidating gains.
An initial support on the downside is near the $34,500 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $29,909 swing low to $35,909 high.
Any more losses could lead the price towards the $33,000 support level. It is close to the 50% Fib retracement level of the recent upward move from the $29,909 swing low to $35,909 high. There is also a crucial bullish trend line forming with support near $31,300 on the 4-hours chart of the BTC/USD pair.
If there is a downside break towards the trend line support and $31,000, the bulls are likely to remain active. On the upside, the price is facing hurdles near the $35,500 and $35,800 levels.
A successful break above the $35,500 level and a follow up move above the recent high could pump the price another all-time high above the $36,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading nicely above $34,000 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it clears the $35,500 and $38,800 resistance levels.
Technical indicators
4 hours MACD – The MACD is showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is still well above the 50 level.
Key Support Levels – $34,500 and $32,000.
Key Resistance Levels – $35,500, $35,800 and $37,200.