Bitcoin price started a strong increase above the ,500 zone against the US Dollar. The price is now trading above ,000 and the 55 simple moving average (4 hours). There is a major bullish trend line forming with support near ,700 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could continue to rise if it stays above the ,500 support zone. Bitcoin price is showing positive signs above ,000 against the US Dollar. BTC might correct lower, but dips could be limited below the ,500 zone. Bitcoin Price Analysis Bitcoin price started a strong increase above the ,500 resistance zone. The price remained stable above the ,700 level and traded in a positive zone. There was a clear move above the ,500 level and the 55
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- Bitcoin price started a strong increase above the $37,500 zone against the US Dollar.
- The price is now trading above $37,000 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $36,700 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $36,500 support zone.
Bitcoin price is showing positive signs above $37,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $36,500 zone.
Bitcoin Price Analysis
Bitcoin price started a strong increase above the $36,500 resistance zone. The price remained stable above the $36,700 level and traded in a positive zone.
There was a clear move above the $37,500 level and the 55 simple moving average (4 hours). The price even rallied above the $38,000 resistance zone. However, the price seems to be struggling near the $38,400 zone. A high was formed near $38,425 and the price is now consolidating gains.
The price traded below $38,000 and the 23.6% Fib retracement level of the upward move from the $36,715 swing low to the $38,425 high. The price is now trading above $37,000 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $38,400 level. The first major resistance is near the $38,800 level, above which the price could rise toward the $39,500 zone.
Any more gains might send the price toward the $40,000 zone. If there is no upside break, the price might start a downside correction below $37,500 or the 50% Fib retracement level of the upward move from the $36,715 swing low to the $38,425 high.
The next key support is near the $36,700 level. There is also a major bullish trend line forming with support near $36,700 on the 4-hour chart of the BTC/USD pair. Any more losses might call for a move toward the $35,000 support zone.
Looking at the chart, Bitcoin price is trading above $37,000 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $36,700 support 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 – $37,500 and $36,700.
Key Resistance Levels – $38,400, $38,800, and $40,000.