HomeAltcoin NewsBitcoin Price Analysis: BTC Looks Set To Test $14K In Near Term

Bitcoin Price Analysis: BTC Looks Set To Test $14K In Near Term

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  • Bitcoin price started a fresh increase above the $11,300 resistance against the US Dollar.
  • The price gained more than 15% this week and recently broke the $13,000 resistance area.
  • There is a major bullish trend line in place with support near $12,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher towards the $13,800 and $14,000 resistances in the near term.

Bitcoin price is currently trading nicely with a bullish angle above $12,200 against the US Dollar. BTC could accelerate gains and it may even test the $14,000 level.

Bitcoin Price Analysis

After a successful close above the $10,000 level, bitcoin price started a steady rise against the US Dollar. The BTC/USD pair started a fresh increase above the $11,000 and $11,300 resistance levels. Moreover, there was a close above the $11,500 level and the 55 simple moving average (4-hours). The price even surpassed the 50% Fib retracement level of the downward move from the $13,847 high to $9,670 swing low.

It opened the doors for more gains above the $12,000 and $12,500 resistance levels. Finally, the price broke the $13,000 resistance and the 61.8% Fib retracement level of the downward move from the $13,847 high to $9,670 swing low. Today, the price climbed above the $13,000 level to enter a significant uptrend and open the doors for more gains.

It is trading nicely above $13,000 and the 76% Fib retracement level of the downward move from the $13,847 high to $9,670 swing low. Therefore, there are chances of more upsides above $13,250 and $13,500 in the near term. In the mentioned case, the price may even test the last swing high near the $13,847 level. The main hurdle for the bulls could be near the $14,000 level.

On the downside, an immediate support is near the $12,650 level. Moreover, there is a major bullish trend line in place with support near $12,200 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the trend line and $12,200, the price could correct lower towards the $11,300 support or the 55 simple moving average (4-hours).

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading with a strong bullish bias above the $12,500 level. The current price action suggests high chances of a strong rise towards the $13,850 and $14,000 levels in the near term.

Technical indicators

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

4 hour RSI (Relative Strength Index) – The RSI is currently well above the 60 level, with a bullish angle.

Key Support Levels – $12,200 and $11,300.

Key Resistance Levels – $13,800, $14,000 and $14,200.

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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