Bitcoin (BTC) Price Could Rally Significantly Above $4,050
technical analysis

Bitcoin (BTC) Price Could Rally Significantly Above $4,050

THELOGICALINDIAN - Bitcoin amount is currently flirting with a aloft attrition area adjoin the US Dollar BTC could assemblage decidedly already there is a breach aloft the 4050 account resistance

Bitcoin Price Analysis

Recently, we saw a decent advancement move aloft the $3,940 attrition in bitcoin amount adjoin the US Dollar. The BTC/USD brace climbed aloft the $4,000 attrition and the 100 alternate simple affective average. Later, there were ambit moves aloft the $4,000 abutment level. Finally, there was an upside addendum aloft the $4,020 attrition level. However, buyers faced a able attrition abreast the $4,040 and $4,050 levels (previous beat highs). A beginning account aerial was formed at $4,048 and after the amount adapted lower.

It confused beneath the $4,020 akin and the 23.6% Fib retracement akin of the contempo upside from the $3,883 low to $4,048 high. On the downside, there is a able abutment formed abreast the $4,000 level. There is additionally an accretion triangle formed with attrition abreast $4,050 on the alternate blueprint of the BTC/USD pair. The triangle abutment is abreast the $3,990 level, beneath which the amount may analysis the $3,980 support.

The abutting capital abutment is at $3,965 and the 50% Fib retracement akin of the recent upside from the $3,883 low to $4,048 high. Therefore, dips appear the $4,000 and $3,980 levels are acceptable to acquisition buyers. On the upside, the $4,040 and $4,050 levels are able barriers. A acknowledged alternate abutting aloft $4,050 is charge for buyers to accretion momentum. The abutting attrition is at $4,080, aloft which the amount may analysis the $4,120 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount seems to be accumulation aloft the $4,000 support. However, the $4,050 ambit attrition is acting as a able action zone. If the amount continues to abort abreast $4,050, there is a accident of a downside reaction. In the mentioned case, the amount ability alike bright the $4,000 and $3,980 supports. The abutting akin area buyers are acceptable to booty a angle is abreast $3,965 and the 100 alternate SMA.

Technical indicators:

Hourly MACD – The MACD is boring affective aback in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently affective lower and it could breach the 50 level.

Major Support Levels – $4,000 followed by $3,965.

Major Resistance Levels – $4,040, $4,050 and $4,080.