Bitcoin price started a strong increase above the ,000 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 ,650 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 ,350 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 ,000 zone. Bitcoin Price Analysis Bitcoin price started a strong increase above the ,500 resistance zone. The price remained stable above the ,500 level and traded in a positive zone. Besides, there was a break above a key bearish
Topics:
Aayush Jindal considers the following as important: Bitcoin News, BTC, News, Trading
This could be interesting, too:
Bena Ilyas writes Spot Bitcoin ETFs Sees 7th Consecutive Day of Outflow Streak
Chimamanda U. Martha writes Australian Regulator Secures First Victory in Non-Cash Payment Case Involving Crypto
Bhushan Akolkar writes US Senators and Lawmakers Have No Issue with Crypto Privacy, Says Railgun Researcher
Mayowa Adebajo writes Dutch Authorities Arrest ZKasino Scam Suspect, Seize .2M
- Bitcoin price started a strong increase above the $44,000 zone against the US Dollar.
- The price is now trading above $44,000 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $42,650 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 $44,350 support zone.
Bitcoin price is showing positive signs above $44,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $44,000 zone.
Bitcoin Price Analysis
Bitcoin price started a strong increase above the $42,500 resistance zone. The price remained stable above the $43,500 level and traded in a positive zone.
Besides, there was a break above a key bearish trend line with resistance near $42,650 on the 4-hour chart of the BTC/USD pair. There was a clear move above the $45,000 level and the 55 simple moving average (4 hours). The price even rallied above the $45,000 resistance zone.
However, the price seems to be struggling near the $46,000 zone. A high was formed near $45,925 and the price is now consolidating gains. The price traded below $45,000 but it is still above the 23.6% Fib retracement level of the upward move from the $41,300 swing low to the $45,925 high.
Bitcoin is now trading above $44,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $45,500 level. The first major resistance is near the $46,000 level, above which the price could rise toward the $47,500 zone.
Any more gains might send the price toward the $48,000 zone. If there is no upside break, the price might start a downside correction below $44,850.
The next key support is near the $44,350 level. Any more losses might call for a move toward the 50% Fib retracement level of the upward move from the $41,300 swing low to the $45,925 high at $43,600.
Looking at the chart, Bitcoin price is trading above $44,000 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $44,000 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 – $44,350 and $43,600.
Key Resistance Levels – $45,500, $46,000, and $48,000.