HomeBitcoin NewsBitcoin Price Analysis: BTC Looks Set For More Upsides

Bitcoin Price Analysis: BTC Looks Set For More Upsides

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  • Bitcoin price started a fresh increase after testing the $47,000 support against the US Dollar.
  • The price is now trading well above $55,000 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $55,100 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher above the $56,000 and $57,000 levels in the near term.

Bitcoin price is rising steadily above $52,000 against the US Dollar. BTC is now consolidating gains and it is likely to rise further above the $56,000 level.

Bitcoin Price Analysis

After a steady decline, bitcoin price found support near the $47,000 zone against the US Dollar. BTC formed a support base and it started a fresh increase above the $50,000 resistance zone.

It broke many key hurdles near the $52,000 level. There was also a break above the 23.6% Fib retracement level of the key decline from the $64,987 swing high to $47,020 swing low. It is now trading nicely above $55,000 and the 55 simple moving average (4-hours).

There was also a break above a major bearish trend line with resistance near $55,100 on the 4-hours chart of the BTC/USD pair. An immediate resistance is near the $56,000 zone.

The 50% Fib retracement level of the key decline from the $64,987 swing high to $47,020 swing low is acting as a key resistance. If there is an upside break above the $56,000 zone, the price is likely to accelerate higher in the near term.

The next major hurdle is near the $57,000 level, above which the price is likely to climb higher towards the $58,500 and $60,000 levels. A successful break and close above $58,500 and could open the doors for a move towards the $60,000 level.

On the downside, the $55,000 level is a decent support. The main breakdown support is near the $53,800 level, below which there could be a sharp decline towards $50,000.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly well above the $53,000 zone and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $56,000 and $57,000 levels in the near term.

Technical indicators

4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.

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

Key Support Levels – $55,000 and $53,800.

Key Resistance Levels – $56,000, $57,000 and $58,500.

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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