Bitcoin price started a fresh increase from the ,500 support 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 bearish trend line with resistance near ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair must clear ,750 and then ,800 to continue higher in the near term. Bitcoin price climbed higher above the ,000 resistance against the US Dollar. BTC even spiked ,800 and might continue to rise in the near term. Bitcoin Price Analysis Bitcoin price formed a base above the ,500 level. As a result, BTC started a major increase and broke many hurdles near the ,000 level. There was a break above a key bearish trend line with resistance
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- Bitcoin price started a fresh increase from the $34,500 support 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 key bearish trend line with resistance near $41,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair must clear $44,750 and then $45,800 to continue higher in the near term.
Bitcoin price climbed higher above the $40,000 resistance against the US Dollar. BTC even spiked $44,800 and might continue to rise in the near term.
Bitcoin Price Analysis
Bitcoin price formed a base above the $34,500 level. As a result, BTC started a major increase and broke many hurdles near the $38,000 level.
There was a break above a key bearish trend line with resistance near $41,000 on the 4-hours chart of the BTC/USD pair. The pair even climbed above the $40,000 zone and the 55 simple moving average (4-hours). There was a clear move above the $42,000 level.
A high was formed near $44,993 and the price is now consolidating gains. An immediate resistance is near the $44,750 level. The next major resistance on the upside is near the $45,000 level.
To start another increase, the price must settle above the $45,000 level in the near term. The next major resistance could be $46,600, above which the price could rise to $48,000. If there is no upside break, the price might start a decline below the $43,500 level.
The next key support is near the $43,000 level. It is near the 23.6% Fib retracement level of the upward move from the $37,020 swing low to $44,933 high.
The main support sits near $41,000 or the Fib retracement level of the upward move from the $37,020 swing low to $44,933 high, below which there is a risk of a move towards the $40,000 level. Any more losses might call for a test of the key $38,800 support zone.
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 must clear $44,750 and then $45,800 to continue higher in the near term.
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 in the overbought zone.
Key Support Levels – $43,000 and $41,000.
Key Resistance Levels – $44,750, $45,000 and $46,600.