Bitcoin price started a recovery wave above the ,400 resistance against the US Dollar. The price is now trading above ,850 and the 55 simple moving average (4 hours). There is a major bearish trend line forming with resistance near ,450 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could rise further if it clears the ,450 resistance zone. Bitcoin price is recovering above ,500 against the US Dollar. BTC might extend its recovery if it stays above the ,400 support zone. Bitcoin Price Analysis Bitcoin price remained well supported near the ,000 zone. The price formed a base and started a recovery wave above the ,800 level. There was a decent increase above the ,000 resistance zone and the 55 simple moving
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- Bitcoin price started a recovery wave above the $25,400 resistance against the US Dollar.
- The price is now trading above $25,850 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $26,450 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could rise further if it clears the $26,450 resistance zone.
Bitcoin price is recovering above $25,500 against the US Dollar. BTC might extend its recovery if it stays above the $25,400 support zone.
Bitcoin Price Analysis
Bitcoin price remained well supported near the $25,000 zone. The price formed a base and started a recovery wave above the $25,800 level.
There was a decent increase above the $26,000 resistance zone and the 55 simple moving average (4 hours). The pair surpassed the 23.6% Fib retracement level of the downward move from the $28,184 swing high to the $24,900 low.
The price is now trading above $25,800 and the 55 simple moving average (4 hours). However, it is facing a key resistance near the $26,450 zone. There is also a major bearish trend line forming with resistance near $26,450 on the 4-hour chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $28,184 swing high to the $24,900 low. The next major resistance might be near the $26,950 zone.
A clear move above the $26,950 level might send the price toward $28,000, above which the price might rise toward the $28,800 resistance. Any more gains might push the price toward the $30,000 zone. If there is no upside break, the price might start a fresh decline below $25,850.
The first major support is near the $25,400 level. The next key support is near the $25,000 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $24,200 level. Any more losses might send the price towards the $24,000 level.
Looking at the chart, Bitcoin price is trading above $25,800 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $26,450 resistance zone.
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 – $25,400 and $25,000.
Key Resistance Levels – $26,450, $26,950 and $28,000.