Bitcoin price started a fresh increase above the ,000 resistance 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 ,100 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is showing positive signs and it could continue to rise above the ,000 level. Bitcoin price is gaining pace above ,000 against the US Dollar. BTC remains supported on the downside near the ,000 and ,200 levels. Bitcoin Price Analysis Bitcoin price formed a base above the ,000 level. As a result, BTC started a fresh increase above the ,000 and ,000 resistance levels. There was a break above a major bearish trend line with
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- Bitcoin price started a fresh increase above the $45,000 resistance against the US Dollar.
- The price is now trading above $50,000 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $43,100 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is showing positive signs and it could continue to rise above the $52,000 level.
Bitcoin price is gaining pace above $50,000 against the US Dollar. BTC remains supported on the downside near the $50,000 and $49,200 levels.
Bitcoin Price Analysis
Bitcoin price formed a base above the $40,000 level. As a result, BTC started a fresh increase above the $44,000 and $45,000 resistance levels.
There was a break above a major bearish trend line with resistance near $43,100 on the 4-hours chart of the BTC/USD pair. The pair gained pace for a move above the $48,000 level and the 55 simple moving average (4-hours).
It even cleared the 76.4% Fib retracement level of the key decline from the $48,825 swing high to $39,600 low. It is now trading above $50,000 and the 55 simple moving average (4-hours).
Besides, bitcoin price is consolidating above the 1.236 Fib extension level of the key decline from the $48,825 swing high to $39,600 low. On the upside, an initial resistance is near the $51,850 level. The main resistance is forming near the $52,000 zone.
A close above the $52,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $55,000 level. An immediate support on the downside is near the $51,000 level.
The first key support is near the $50,000 level. If the price fails to stay above $50,000, it could revisit the $49,000 support zone. Any more losses could open the doors for a move towards the $45,000 support zone.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $50,000 and the 55 simple moving average (4-hours). Overall, the price is showing positive signs and it could continue to rise above the $52,000 level.
Technical indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is well above the 50 level.
Key Support Levels – $51,000 and $50,000.
Key Resistance Levels – $51,850, $52,000 and $55,000.