Bitcoin price started a fresh increase above the ,000 zone 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 ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is now facing a major resistance near ,000 and might correct lower. Bitcoin price gained pace above ,000 against the US Dollar. BTC even spiked above ,000 and is currently correcting gains. Bitcoin Price Analysis Bitcoin price started a fresh increase after it found support near the ,000 zone. BTC formed a base and moved above the ,500 resistance to start a steady recovery. There was a clear move above the ,000 resistance and the
Topics:
Aayush Jindal considers the following as important: Bitcoin, Bitcoin News, BTC, News, Trading
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
- Bitcoin price started a fresh increase above the $40,000 zone against the US Dollar.
- The price is now trading above $40,000 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $38,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is now facing a major resistance near $45,000 and might correct lower.
Bitcoin price gained pace above $40,000 against the US Dollar. BTC even spiked above $45,000 and is currently correcting gains.
Bitcoin Price Analysis
Bitcoin price started a fresh increase after it found support near the $36,000 zone. BTC formed a base and moved above the $37,500 resistance to start a steady recovery.
There was a clear move above the $38,000 resistance and the 55 simple moving average (4-hours). Besides, there was a break above a major bearish trend line with resistance near $38,000 on the 4-hours chart of the BTC/USD pair.
The pair even surged above the $42,000 resistance. However, the bears appeared near the $45,520 zone. A high is formed near $45,519 and the price is now consolidating gains.
There was a move below the 23.6% Fib retracement level of the recent increase from the $36,264 swing low to $45,519 high. It is now consolidating near the $43,500 level. An immediate resistance is near the $44,200 level. The next major resistance on the upside is near the $45,500 level.
To start another increase, the price must settle above the $45,500 level in the near term. If not, there might be a downside correction below $43,000. The next key support is near the $41,000 level.
The 50% Fib retracement level of the recent increase from the $36,264 swing low to $45,519 high is also near the $41,000 level. If the price fails to stay above $41,000, it could extend losses in the near term. The next major support sits near $40,000, below which there is a risk of a move towards the $38,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $40,000 and the 55 simple moving average (4-hours). Overall, the price is now facing a major resistance near $45,000 and might correct lower.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $43,000 and $41,000.
Key Resistance Levels – $44,200, $45,500 and $48,000.