HomeBitcoin NewsBitcoin Price Analysis: BTC Just Shy of a New All-Time High

Bitcoin Price Analysis: BTC Just Shy of a New All-Time High

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  • Bitcoin price started a strong increase above the $18,000 and $18,500 resistance levels against the US Dollar.
  • The price traded as high as $19,454 and it settled nicely above the 55 SMA (H4).
  • There is a major bullish trend line forming with support near $18,400 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is currently correcting gains, but dips are likely to be limited below $18,400.

Bitcoin price is trading in a nice uptrend above $18,500 against the US Dollar. BTC is likely to continue higher above $19,400 and aim a new all-time high in the near term.

Bitcoin Price Analysis

In the past few days, bitcoin price followed a strong uptrend above the $18,000 resistance against the US Dollar. BTC gained pace after it broke the $18,200 and $18,500 resistance levels.

The upward move was such that the price broke the $19,000 level and settled well above the 55 simple moving average (4-hours). A new multi-month high was formed near $19,454 before it started a downside correction.

The price traded below the $19,000 support level. There was a break below the 23.6% Fib retracement level of the recent upward move from the $18,070 swing low to $19,454 high. Bitcoin is now trading near the previous breakout zone at $18,800.

The bulls are also protecting the 50% Fib retracement level of the recent upward move from the $18,070 swing low to $19,454 high. There is also a major bullish trend line forming with support near $18,400 on the 4-hours chart of the BTC/USD pair.

If there is a downside break below the trend line support, the price could test the $18,200 level. The next major support is near another trend line, $18,000, and the 55 simple moving average (4-hours).

On the upside, the $19,050 and $19,100 levels are initial hurdles. A successful close above the $19,100 and $19,200 levels may perhaps lead the price back towards the $19,450 level. Any further gains might call for a test of the $20,000 level and a new all-time high.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading in a bullish zone above the $18,000 support and the 55 SMA (H4). In the short-term, the price could correct a few points, but dips are likely to be limited below $18,400.

Technical indicators

4 hours MACD – The MACD is showing a few negative signs in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is still well above the 50 level.

Key Support Levels – $18,800 and $18,200.

Key Resistance Levels – $19,100, $19,450 and $20,000.

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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