Bitcoin price started a recovery wave from the ,500 support against the US Dollar. The price is now trading above ,500 and the 55 simple moving average (4-hours). There was a break above a crucial bearish trend line with resistance near ,480 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could recover further, but upsides might be limited above the ,500 resistance zone. Bitcoin price is recovering above ,500 against the US Dollar. BTC might extend its recovery if it stays above the ,400 support zone. Bitcoin Price Analysis Bitcoin price remained well supported near the ,500 support zone. The bears made two attempts to clear the ,500 support, but they failed. A swing low was formed near ,512 and the price is now correcting higher.
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- Bitcoin price started a recovery wave from the $15,500 support against the US Dollar.
- The price is now trading above $16,500 and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $16,480 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could recover further, but upsides might be limited above the $18,500 resistance zone.
Bitcoin price is recovering above $16,500 against the US Dollar. BTC might extend its recovery if it stays above the $16,400 support zone.
Bitcoin Price Analysis
Bitcoin price remained well supported near the $15,500 support zone. The bears made two attempts to clear the $15,500 support, but they failed. A swing low was formed near $15,512 and the price is now correcting higher.
There was a recovery wave above the $16,000 resistance zone. Besides, there was a break above a crucial bearish trend line with resistance near $16,480 on the 4-hours chart of the BTC/USD pair. The pair even cleared the $16,750 resistance zone.
It is now trading above $16,500 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $16,920 level. It is near the 23.6% Fib retracement level of the main decline from the $21,480 swing high to $15,510 low.
The next major resistance might near the $17,200 zone. A clear move above the $17,200 level might send the price towards $18,000, above which the price might rise towards the 50% Fib retracement level of the key drop from the $21,479 swing high to $15,510 low.
Any more gains might push the price towards the $19,000 zone. If there is no upside break, the price might start a fresh decline below $16,600.
The first major support is near the $16,400 level and the 55 simple moving average (4-hours). The next key support is near the $16,000 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $15,500 level. Any more losses might send the price towards the $14,200 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $16,500 and the 55 simple moving average (4-hours). Overall, the price could recover further, but upsides might be limited above the $18,500 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $16,400 and $15,500.
Key Resistance Levels – $17,000, $17,200 and $18,500.