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Bitcoin Price Analysis: BTC Trades Near Key Juncture

Summary:
Bitcoin price gained pace and it cleared 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 below a key bullish trend line with support near ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair must stay above the ,300 support level to continue higher in the near term. Bitcoin price is losing pace above ,000 against the US Dollar. BTC is likely to correct further lower below the ,300 level in the near term. Bitcoin Price Analysis Bitcoin price extended its increase above the ,000 resistance level. BTC even broke the ,000 resistance level to move further into a bullish zone. However, the price failed to gain strength above the

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Aayush Jindal considers the following as important: , , , ,

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  • Bitcoin price gained pace and it cleared the $48,000 resistance against the US Dollar.
  • The price is now trading above $47,000 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $49,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair must stay above the $47,300 support level to continue higher in the near term.

Bitcoin price is losing pace above $48,000 against the US Dollar. BTC is likely to correct further lower below the $47,300 level in the near term.

Bitcoin Price Analysis

Bitcoin price extended its increase above the $48,000 resistance level. BTC even broke the $49,000 resistance level to move further into a bullish zone. However, the price failed to gain strength above the $50,000 resistance.

A high was formed near $50,550 before the price started a downside correction. There was a break below the $49,000 and $48,500 levels. There was also a break below a key bullish trend line with support near $49,000 on the 4-hours chart of the BTC/USD pair.

The pair traded below the 23.6% % Fib retracement level of the upward move from the $44,031 swing low to $50,550 high. It is now trading above $47,000 and the 55 simple moving average (4-hours).

An immediate support is near the $47,500 level and the 55 simple moving average (4-hours). The first key support is near the $47,300 level. It is close to the 50% Fib retracement level of the upward move from the $44,031 swing low to $50,550 high.

Any more losses could open the doors for a move towards the $44,000 support zone. On the upside, an initial resistance is near the $48,500 level. The first major resistance is near the $49,200 level.

The main resistance is now forming near the $50,000 level. A close above the $50,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $52,000 level.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $47,000 and the 55 simple moving average (4-hours). Overall, the price must stay above the $47,300 support level to continue higher in the near term.

Technical indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now just below the 50 level.

Key Support Levels – $47,500 and $47,300.

Key Resistance Levels – $48,500, $49,200 and $50,000.

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