Bitcoin price started a fresh increase from the ,650 zone against the US Dollar. The price is now trading above ,000 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near ,050 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could continue to move up if it stays above the ,000 resistance zone. Bitcoin price is rising above ,000 against the US Dollar. BTC might extend gains if there is a clear move above the ,500 resistance zone. Bitcoin Price Analysis Bitcoin price started a fresh increase from the ,650 support zone. A base was formed and the price climbed higher above the ,880 resistance zone. The bulls pushed the price above the ,000 resistance and the 55 simple
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- Bitcoin price started a fresh increase from the $16,650 zone against the US Dollar.
- The price is now trading above $17,000 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $17,050 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to move up if it stays above the $17,000 resistance zone.
Bitcoin price is rising above $17,000 against the US Dollar. BTC might extend gains if there is a clear move above the $17,500 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh increase from the $16,650 support zone. A base was formed and the price climbed higher above the $16,880 resistance zone.
The bulls pushed the price above the $17,000 resistance and the 55 simple moving average (4-hours). The upward move was such that the price climbed towards the $17,500 resistance zone. A high is formed near $17,494 and the price is now consolidating gains.
It is now trading above $17,000 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $17,050 on the 4-hours chart of the BTC/USD pair.
An immediate resistance on the upside is near the $17,500 level. The next major resistance might near the $17,850 zone. The first major resistance is near the $18,000 level. A clear move above the $18,000 level might send the price towards $19,000, above which the price might rise towards the $20,000 level.
Any more gains might push the price towards the $21,200 zone. If there is no upside break, the price might decline below the $17,400 level. The first major support is near $17,300 or the 23.6% Fib retracement level of the upward move from the $16,670 swing low to $17,494 high.
The next key support is near the $17,050 level or the trend line. It is close to the 50% Fib retracement level of the upward move from the $16,670 swing low to $17,494 high, below which the price might accelerate lower.
In the stated case, the price could decline towards the $16,650 level. Any more losses might send the price towards the $16,000 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 continue to move up if it stays above the $17,000 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 – $17,300 and $17,050.
Key Resistance Levels – $17,500, $18,000 and $19,200.