Bitcoin price started a steady recovery from the ,120 zone against the US Dollar. The price is now testing the ,000 resistance zone and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near ,900 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is likely to clear the ,000 resistance and continue higher in the near term. Bitcoin price is attempting an upside break above ,000 against the US Dollar. BTC must surpass ,000 and ,000 to start a strong upward move. Bitcoin Price Analysis Bitcoin price formed a base above the ,000 and ,500 levels. As a result, there was a steady recovery initiated above the ,000 resistance zone. The price climbed above the ,500
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- Bitcoin price started a steady recovery from the $31,120 zone against the US Dollar.
- The price is now testing the $40,000 resistance zone and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $36,900 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to clear the $40,000 resistance and continue higher in the near term.
Bitcoin price is attempting an upside break above $40,000 against the US Dollar. BTC must surpass $40,000 and $42,000 to start a strong upward move.
Bitcoin Price Analysis
Bitcoin price formed a base above the $31,000 and $31,500 levels. As a result, there was a steady recovery initiated above the $35,000 resistance zone.
The price climbed above the $36,500 resistance zone. There was a clear break above the 50% Fib retracement level of the recent decline from the $42,679 swing high to $31,136 low. There was also a break above a major bearish trend line with resistance near $36,900 on the 4-hours chart of the BTC/USD pair.
The pair is now testing the $40,000 resistance zone and the 55 simple moving average (4-hours). It is facing resistance near the 76.4% Fib retracement level of the recent decline from the $42,679 swing high to $31,136 low.
If there is an upside break above the $40,000 resistance and the 55 simple moving average (4-hours), the price could rise towards the $42,000 resistance zone. Any more gains could open the doors for a steady increase towards the $45,000 resistance zone in the near term.
On the downside, the $38,000 level is a decent support. The first major support is now forming near the $35,200 level. If there is a downside break below the $35,200 support, the price could resume its decline. In the stated case, the price is likely to test the $31,000 and $30,000 support levels in the near term.
Bitcoin Price
Looking at the chart, bitcoin price is clearly t trading well below $45,000 and the 55 simple moving average (4-hours). Overall, the price is likely to start a strong recovery if it settles above $42,000 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 – $38,000 and $35,200.
Key Resistance Levels – $40,000, $42,000 and $45,000.