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 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 could continue to move up if it stays above the ,350 support zone. Bitcoin price is rising above ,000 against the US Dollar. BTC might extend gains if there is a clear move above the ,600 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 ,000 resistance zone. The bulls pushed the price above the ,100 resistance and the 55
Topics:
Aayush Jindal considers the following as important: Bitcoin, Bitcoin News, BTC, News, Trading
This could be interesting, too:
Steve Muchoki writes Binance Founder Changpeng Zhao Apologizes in Letter to Presiding Judge Ahead of Upcoming Sentencing
Temitope Olatunji writes Figment Soars with Record-Breaking Growth in Q1 2024 and Expanded Staking Services
Chimamanda U. Martha writes Strike Launches Crypto Payment Services in Europe
Godfrey Benjamin writes Ripple IPO: David Schwartz Makes Key Expose on His Stock Option
- Bitcoin price started a fresh increase from the $22,650 zone against the US Dollar.
- The price is now trading above $23,000 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $23,000 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 $22,350 support zone.
Bitcoin price is rising above $23,000 against the US Dollar. BTC might extend gains if there is a clear move above the $23,600 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh increase from the $23,650 support zone. A base was formed and the price climbed higher above the $23,000 resistance zone.
The bulls pushed the price above the $23,100 resistance and the 55 simple moving average (4-hours). There was also a break above a key bearish trend line with resistance near $23,000 on the 4-hours chart of the BTC/USD pair.
The upward move was such that the price climbed towards the $23,400 resistance zone. It tested the 50% Fib retracement level of the downward move from the $24,148 swing high to $22,637 low. It is now trading above $23,000 and the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $23,400 level. The next major resistance might near the $23,600 zone. It is near the 61.8% Fib retracement level of the downward move from the $24,148 swing high to $22,637 low.
The first major resistance is near the $24,000 level. A clear move above the $24,000 level might send the price towards $24,500, above which the price might rise towards the $25,000 level.
Any more gains might push the price towards the $26,500 zone. If there is no upside break, the price might decline below the $22,650 level. The first major support is near $22,350.
The next key support is near the $22,000 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $21,600 level. Any more losses might send the price towards the $20,500 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $23,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $22,350 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 – $22,650 and $22,350.
Key Resistance Levels – $23,400, $23,600 and $24,000.