HomeBitcoin NewsBitcoin Price Analysis: BTC Holding Crucial Uptrend Support

Bitcoin Price Analysis: BTC Holding Crucial Uptrend Support

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  • Bitcoin price started a downside correction after it almost touched $9,200 against the US Dollar.
  • The price declined below $9,000, but the $8,460 area acted as a strong support.
  • There is a major bullish trend line forming with support near $8,560 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to climb higher again unless it breaks the $8,560 and $8,460 support levels.

Bitcoin price is trading nicely above key uptrend supports against the US Dollar. BTC is likely to accelerate above $9,000 as long as it is above the $8,460 support.

Bitcoin Price Analysis

In the past few days, bitcoin price remained in a strong uptrend above $8,000 and $8,500 against the US Dollar. BTC even surpassed the $9,000 level and traded to a new 2020 high at $9,195.

Recently, there was a downside correction below the $9,000 level. The price even traded below the $8,850 support area. However, the decline was protected by the $8,500 and $8,460 support levels.

Besides, the 55 simple moving average (4-hours) also prevented a close below the $8,500 level. A low is formed near $8,466 and the price is currently recovering. It broke the 23.6% Fib retracement level of the recent correction from the $9,195 high to $8,466 low.

On the upside, the first key resistance is near the $8,810 level. It coincides with the 50% Fib retracement level of the recent correction from the $9,195 high to $8,466 low.

If there is a clear break above the $8,800 and $8,810 levels, bitcoin price is likely to continue higher above $9,000 and $9,050. The next major resistance is near the $9,195 and $9,200 levels, followed by $9,280.

If there is a successful close above $9,300, the price could continue to rise in the near term. On the downside, there many supports for bitcoin near the $8,560 and $8,500 levels.

Besides, there is a major bullish trend line forming with support near $8,560 on the 4-hours chart of the BTC/USD pair. If the price fails to stay above the trend line support, $8,560 and $8,460, there is a risk of a larger decline in the coming sessions.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above key uptrend supports near $8,560 and $8,460. As long as there is no close below $8,460, the price is likely to rise steadily above $9,000 and $9,050.

Technical indicators

4 hour MACD – The MACD is currently moving into the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI is currently just above the 50 level.

Key Support Levels – $8,560 and $8,460.

Key Resistance Levels – $8,810, $9,000 and $9,200.

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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