HomeBitcoin NewsBitcoin Price Analysis: BTC Signaling Uptrend Continuation

Bitcoin Price Analysis: BTC Signaling Uptrend Continuation

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  • Bitcoin price is currently gaining traction above the $9,400 and $9,440 resistance levels.
  • A new monthly high is formed near $9,567 and the price is now above the 55 simple moving average (4-hours).
  • There was a break above two key bearish trend lines near $9,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair might correct lower in the short-term, but dips remain well supported near $9,420.

Bitcoin price is trading in a decent uptrend above $9,400 against the US Dollar. BTC could continue to rise as long as it is above the $9,400 support zone.

Bitcoin Price Analysis

In the past few days, bitcoin price followed a bullish path above the $9,000 support against the US Dollar. BTC formed a strong support base above $9,100 and started a steady increase.

It broke the key $9,200 resistance and the 55 simple moving average (4-hours) to move into a bullish zone. Moreover, there was a break above two key bearish trend lines near $9,200 on the 4-hours chart of the BTC/USD pair.

It opened the doors for more upsides above the $9,300 and $9,440 resistance levels. Bitcoin traded to a new monthly high at $9,567 and it is currently consolidating gains.

The price is testing the 23.6% Fib retracement level of the recent rise from the $9,276 low to $9,567 high. If there is a downside break below the $9,490 level, the price could continue to correct lower towards the main $9,440 support.

The previous breakout zone near $9,420 and $9,440 could act as a strong support. Besides, the 50% Fib retracement level of the recent rise from the $9,276 low to $9,567 high is also near the $9,420 level.

If there is a bearish close below the $9,420 support, the price could continue to move down. In the mentioned case, there is a risk of a drop towards the $9,320 support or even towards the 55 simple moving average (4-hours).

Conversely, the price may perhaps continue to rise above the $9,540 and $9,575 levels. The next key resistance is near $9,650, above which the price could rally towards $9,880.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading in a nice uptrend above $9,420. In the short-term, the price might correct lower in the short-term, but dips remain well supported near $9,420.

Technical indicators

4 hours MACD – The MACD is currently losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now well above the 60 level.

Key Support Levels – $9,440 and $9,420.

Key Resistance Levels – $9,575, $9,650 and $9,800.

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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