Bitcoin price started a recovery wave above the ,000 support against the US Dollar. The price is now trading above ,000 and the 55 simple moving average (4-hours). There is a major bullish trend line forming with support near ,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could rise further if it clears the ,000 resistance zone. Bitcoin price is recovering above ,000 against the US Dollar. BTC might extend its recovery if it stays above the ,000 support zone. Bitcoin Price Analysis Bitcoin price remained well supported near the ,500 zone. The price formed a base and started a recovery wave above the ,880 level. There was a recovery wave above the ,000 resistance zone and the 55 simple moving average
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- Bitcoin price started a recovery wave above the $17,000 support against the US Dollar.
- The price is now trading above $17,000 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $17,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could rise further if it clears the $18,000 resistance zone.
Bitcoin price is recovering above $17,000 against the US Dollar. BTC might extend its recovery if it stays above the $17,000 support zone.
Bitcoin Price Analysis
Bitcoin price remained well supported near the $16,500 zone. The price formed a base and started a recovery wave above the $16,880 level.
There was a recovery wave above the $17,000 resistance zone and the 55 simple moving average (4-hours). The pair even cleared the $17,500 resistance zone. However, the bears appeared near the $18,000 zone. A high is formed near $17,999 and the price is now consolidating gains.
There was a move below the 23.6% Fib retracement level of the upward move from the $16,875 swing low to $17,999 high. It is now trading above $17,200 and the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $17,800 level. The next major resistance might near the $18,000 zone. A clear move above the $18,000 level might send the price towards $18,500, above which the price might rise towards the $19,150 resistance.
Any more gains might push the price towards the $19,500 zone. If there is no upside break, the price might start a fresh decline below $17,500. The first major support is near the $17,420 level or the 50% Fib retracement level of the upward move from the $16,875 swing low to $17,999 high.
There is also a major bullish trend line forming with support near $17,200 on the 4-hours chart of the BTC/USD pair. The next key support is near the $17,000 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $16,500 level. Any more losses might send the price towards the $16,200 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $17,000 and the 55 simple moving average (4-hours). Overall, the price could rise further if it clears the $18,000 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 – $17,420 and $17,200.
Key Resistance Levels – $17,800, $18,000 and $18,500.