Bitcoin (BTC) Price Could Make A Sustained Move Higher
technical analysis

Bitcoin (BTC) Price Could Make A Sustained Move Higher

THELOGICALINDIAN - Bitcoin amount is trading with a able uptrend aloft the 4040 axis akin adjoin the US Dollar BTC is acceptable to breach the 4150 attrition and it could billow aloft 4200

Bitcoin Price Analysis

After basic a able abutment abreast the $4,040 level, bitcoin amount climbed aloft $4,100 adjoin the US Dollar. The BTC/USD brace followed a appropriate bullish path, with a brace of aciculate moves appear $4,060. Finally, the amount gained bullish momentum and traded aloft the $4,100 and $4,120 attrition levels. A new account aerial was formed abreast the $4,142 akin and the amount is currently trading in a range.

An antecedent abutment is abreast the $4,120 akin and the 23.6% Fib retracement akin of the contempo acceleration from the $4,052 low to $4,142 high. However, the capital abutment is abreast the $4,100 level. More importantly, there is a new application triangle basic with abutment abreast $4,100 on the alternate blueprint of the BTC/USD pair. If the brace break the triangle support, it could analysis the $4,060 akin and the 100 alternate simple affective average.

On the upside, the triangle attrition is abreast the $4,145 and $4,150 levels. A bright breach aloft the $4,150 attrition could open the doors for added gains aloft $4,200. The abutting cogent attrition is at $4,240, aloft which the amount may access to $4,400. On the cast side, if there is a beginning downside correction, buyers ability booty a angle abreast the $4,060 abutment or the 100 alternate simple affective average.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is acutely afterward a solid bullish aisle aloft the $4,100 and $4,060 abutment levels. In the abbreviate term, there could be ambit moves aloft $4,100 afore the amount spikes aloft the $4,145 resistance. The best important abutment is abreast the $4,040 axis level. There is additionally a above bullish trend band in abode with abutment at $4,055 on the aforementioned chart. Therefore, there are abounding buy zones formed, starting with $4,100 and up to abreast $4,040.

Technical indicators:

Hourly MACD – The MACD is placed heavily in the bullish zone, with absolute signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently affective lower from the 72 level.

Major Support Levels – $4,100 followed by $4,060.

Major Resistance Levels – $4,145, $4,150 and $4,200.