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 key contracting triangle with resistance near ,500 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 consolidating gains. Bitcoin Price Analysis Bitcoin price started a fresh increase after it found support near the ,500 zone. BTC formed a base and moved above the ,000 resistance to start a steady recovery. There was a clear move above the ,500 resistance and
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- Bitcoin price started a fresh increase above the $42,000 zone against the US Dollar.
- The price is now trading above $42,000 and the 55 simple moving average (4-hours).
- There was a break above a key contracting triangle with resistance near $42,500 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 $42,000 against the US Dollar. BTC even spiked above $44,000 and is currently consolidating gains.
Bitcoin Price Analysis
Bitcoin price started a fresh increase after it found support near the $41,500 zone. BTC formed a base and moved above the $42,000 resistance to start a steady recovery.
There was a clear move above the $42,500 resistance and the 55 simple moving average (4-hours). Besides, there was a break above a key contracting triangle with resistance near $42,500 on the 4-hours chart of the BTC/USD pair.
The pair even surged above the $44,000 resistance. The price climbed above the 61.8% Fib retracement level of the key decline from the $45,855 swing high to $41,570 low.
It is now consolidating near the $44,500 level. An immediate resistance is near the $44,500 level. It is near the 76.4% Fib retracement level of the key decline from the $45,855 swing high to $41,570 low. The next major resistance on the upside is near the $45,800 level.
To start another increase, the price must settle above the $45,800 level in the near term. If not, there might be a downside correction below $43,800. The next key support is near the $43,000 level.
If the price fails to stay above $43,000, it could extend losses in the near term. The next major support sits near $41,500, below which there is a risk of a move towards the $40,500 level. Any more losses might call for a test of the key $40,000 support zone.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $42,000 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 $41,500.
Key Resistance Levels – $44,500, $44,800 and $45,800.