Bitcoin price started a fresh increase after testing the ,000 support against the US Dollar. The price is now trading above ,000, and it is testing the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near ,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is likely to start a fresh rally if it clears the ,500 resistance zone in the near term. Bitcoin price is attempting an upside break above ,500 against the US Dollar. BTC must surpass ,500 and ,000 to start a strong upward move. Bitcoin Price Analysis Bitcoin price struggled to clear the ,500 resistance zone on a couple of occasions. As a result, there was a bearish reaction below the ,000 support. The price even
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- Bitcoin price started a fresh increase after testing the $54,000 support against the US Dollar.
- The price is now trading above $55,000, and it is testing the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $54,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to start a fresh rally if it clears the $57,500 resistance zone in the near term.
Bitcoin price is attempting an upside break above $57,500 against the US Dollar. BTC must surpass $57,500 and $58,000 to start a strong upward move.
Bitcoin Price Analysis
Bitcoin price struggled to clear the $59,500 resistance zone on a couple of occasions. As a result, there was a bearish reaction below the $58,000 support. The price even declined below the $56,000 support and 55 simple moving average (4-hours).
It found support near the $54,000 zone and it recently started a fresh increase. There was a break above the $55,800 and $56,000 resistance levels.
The bulls cleared the 50% Fib retracement level of the recent decline from the $59,675 swing high to $53,945 low. The price is now trading above $55,000, and it is testing the 55 simple moving average (4-hours).
It seems to be struggling to clear the 61.8% Fib retracement level of the recent decline from the $59,675 swing high to $53,945 low. If there is a clear break above the $57,500 resistance and a close above the 55 simple moving average (4-hours), the price could rally.
The next major hurdle is near the $59,500 level, above which the price is likely to climb higher towards the $60,000 and $62,000 levels.
On the downside, the $56,000 level is a decent support. The main breakdown support is near the $54,500 level. There is also a key bullish trend line forming with support near $54,800 on the 4-hours chart of the BTC/USD pair.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $55,000, and it is testing the 55 simple moving average (4-hours). Overall, the price is likely to start a fresh rally if it clears the $57,500 resistance zone in the near term.
Technical indicators
4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $56,000 and $54,800.
Key Resistance Levels – $57,500, $59,500 and $60,000.