HomeBitcoin NewsBitcoin Price Analysis: BTC Bulls Aim Upside Continuation

Bitcoin Price Analysis: BTC Bulls Aim Upside Continuation

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  • Bitcoin price started a consolidation phase below the $36,000 zone against the US Dollar.
  • The price is now trading above $34,500 and the 55 simple moving average (4 hours).
  • There is a key rising channel forming with support near $34,600 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 $33,750 support zone.

Bitcoin price is showing positive signs above $34,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $33,750 zone.

Bitcoin Price Analysis

Bitcoin price started a strong increase above the $34,000 resistance zone. The price remained stable above the $34,500 level and traded in a positive zone.

There was a clear move above the $35,000 level and the 55 simple moving average (4 hours). A high was formed near $35,963 and the price is now consolidating gains. There were range moves below the $36,000 resistance in the past few days.

The price traded below $35,500 but it is still well above the 23.6% Fib retracement level of the upward move from the $26,521 swing low to the $35,963 high.

The price is now trading above $34,500 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $35,650 level. The first major resistance is near the $36,000 level, above which the price could start a decent increase toward the $37,500 zone.

Any more gains might send the price toward the $38,000 zone. If there is no upside break, the price might start a downside correction below $34,500. There is also a key rising channel forming with support near $34,600 on the 4-hour chart of the BTC/USD pair.

The first key support is $33,750. The next key support is near the $31,250 level or the 50% key rising channel forming with support near $34,600 on the 4-hour chart of the BTC/USD pair. Any more losses might call for a move toward the $30,200 support zone.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin price is trading above $34,500 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $33,750 support 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 – $34,600 and $33,750.

Key Resistance Levels – $35,650, $36,000, and $38,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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