- Bitcoin price climbed higher again after a short term correction to $9,700 against the US Dollar.
- The price revered losses and climbed to a new yearly high at $10,400.
- There is a key bullish trend line forming with support near $9,870 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to extend its rise above the $10,420 and $10,500 levels in the near term.
Bitcoin price is trading in a strong uptrend above $10,000 against the US Dollar. BTC is likely to extend its gain above the $10,500 and $10,800 levels in the near term.
Bitcoin Price Analysis
This week, there was a downside correction in bitcoin price below the $10,000 level against the US Dollar. BTC traded below the $9,940 support area to move into a short term correction zone.
Moreover, there was a break below the $9,820 support area. Finally, the bulls appeared near the $9,700 level and the 55 simple moving average (4-hours). A swing low is formed near $9,705 and recently the price started a sharp increase.
There was a solid rally above the $9,900 and $10,000 levels. The bulls gained strength and the price rallied above the $10,200 resistance area.
Finally, the price traded to a new 2020 high at $10,400 and it is currently consolidating gains. An initial support is near the 23.6% Fib retracement level of the recent upward move from the $9,705 low to $10,400 high.
The first key support is near the $10,180 level, below which the price might correct towards the $10,052 level. It represents the 50% Fib retracement level of the recent upward move from the $9,705 low to $10,400 high.
More importantly, there is a key bullish trend line forming with support near $9,870 on the 4-hours chart of the BTC/USD pair. Therefore, dips towards $10,000 and $9,870 remain well supported in the near term.
On the upside, an initial hurdle is near the $10,400 and $10,500 levels. A successful break above the $10,500 level could open the doors for more gains in the coming sessions. The next target could be $10,880 or $11,000.
Looking at the chart, bitcoin price is gaining strength above the $10,000 and $10,250 levels. It seems like the bulls are aiming an upside break above the $10,500 and $10,600 levels in the near term.
Technical indicators
4 hours MACD – The MACD is currently moving nicely in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently rising towards the 75 level.
Key Support Levels – $10,180 and $9,870.
Key Resistance Levels – $10,400, $10,500 and $10,800.