Bitcoin price started a fresh increase from the ,500 zone against the US Dollar. The price is now trading above ,500 and the 55 simple moving average (4-hours). There was a break below a major bullish trend line with support near ,240 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 ,200 support zone. Bitcoin price is rising above ,500 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 ,500 support zone. A base was formed and the price climbed higher above the ,500 resistance zone. The bulls pushed the price above the ,000 resistance and the 55
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- Bitcoin price started a fresh increase from the $21,500 zone against the US Dollar.
- The price is now trading above $22,500 and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support near $23,240 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 $22,200 support zone.
Bitcoin price is rising above $22,500 against the US Dollar. BTC might extend gains if there is a clear move above the $23,500 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh increase from the $21,500 support zone. A base was formed and the price climbed higher above the $22,500 resistance zone.
The bulls pushed the price above the $23,000 resistance and the 55 simple moving average (4-hours). The upward move was such that the price climbed towards the $23,500 resistance zone. A high is formed near $23,966 and the price is now correcting gains.
There was a move below the $23,500 support zone. There was a break below a major bullish trend line with support near $23,240 on the 4-hours chart of the BTC/USD pair.
The price traded as low as $22,500 and is currently rising. There was a move above the 23.6% Fib retracement level of the recent decline from the $23,966 swing high to $22,500 low. It is now trading above $22,500 and the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $23,250 level. It is near the 50% Fib retracement level of the recent decline from the $23,966 swing high to $22,500 low.
The next major resistance might near the $23,500 zone. 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 $26,200 zone. If there is no upside break, the price might decline below the $23,000 level. The first major support is near $22,500.
The next key support is near the $21,500 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $20,600 level. Any more losses might send the price towards the $20,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $22,500 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $22,200 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 – $22,400 and $21,500.
Key Resistance Levels – $23,250, $23,500 and $24,000.