HomeBitcoin NewsBitcoin Price Analysis: BTC Hold Gains, Aims For Fresh Rally

Bitcoin Price Analysis: BTC Hold Gains, Aims For Fresh Rally

Date:

Related stories

BTC Can Hit $100,000 Soon and $150,000 If Trump Wins, Predicts Standard Chartered

Standard Chartered, the British financial institution, claims bitcoin can...

BTC Falls Below $70,000, Triggered by Massive Selloff

As the crypto community awaited BTC to push past...
spot_imgspot_img
  • Bitcoin price started a consolidation phase below the $35,000 zone against the US Dollar.
  • The price is now trading above $34,000 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $33,800 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 $33,120 support zone.

Bitcoin price is showing positive signs above $33,120 against the US Dollar. BTC might correct lower, but dips could be limited below the $33,000 zone.

Bitcoin Price Analysis

Bitcoin price started a strong increase above the $32,000 resistance zone. The price remained stable above the $33,500 level and traded in a positive zone.

There was a clear move above the $34,000 level and the 55 simple moving average (4 hours). A high was formed near $35,157 and the price is now consolidating gains. There were range moves below the $35,000 resistance in the past few days.

The price traded below $34,500 but it is still well above the 23.6% Fib retracement level of the upward move from the $26,520 swing low to the $35,157 high.

The price is now trading above $34,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $34,650 level. The first major resistance is near the $35,000 level, above which the price could start a decent increase toward the $36,500 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 $34,000. There is also a key bullish trend line forming with support near $33,800 on the 4-hour chart of the BTC/USD pair. The first key support is $33,120.

The next key support is near the $30,850 level or the 50% Fib retracement level of the upward move from the $26,520 swing low to the $35,157 high. Any more losses might call for a move toward the $30,000 support zone.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin price is trading above $34,000 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $33,120 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 – $33,800 and $33,120.

Key Resistance Levels – $34,650, $35,000, 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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img