Bitcoin (BTC) Price Skyrockets To $5K As Uptrend Solidifies
technical analysis

Bitcoin (BTC) Price Skyrockets To $5K As Uptrend Solidifies

THELOGICALINDIAN - Bitcoin amount rallied aloft 4200 4400 and 4750 adjoin the US Dollar BTC traded appear the 5000 attrition and it is currently acclimation lower

Bitcoin Price Analysis

In the accomplished few analysis, we discussed the accent of the $4,140 and $4,200 resistances for bitcoin amount adjoin the US Dollar. The BTC/USD brace formed a solid abutment abject aloft the $3,900 akin and it afresh acclimatized aloft the $4,000 axis level. It opened the doors for added upsides back the amount alike acclimatized aloft the $4,100 and the 100-day simple affective average. Today, beasts acquired momentum, consistent in a able upside breach aloft the $4,200 and $4,400 attrition levels.

More importantly, there was a breach aloft a acute application triangle with attrition at $4,200 on the circadian blueprint of the BTC/USD pair. These are able bullish signs back the amount acclimatized aloft the $4,200 and $4,400 hurdles. The market affect improved and the amount alike acicular aloft the 50% Fib retracement akin of the aftermost abatement from the $6,546 aerial to $3,122 beat low. The amount alike climbed appear the $5,200 barrier, but it bootless to absorb momentum.

There was no analysis of the 61.8% Fib retracement akin of the aftermost abatement from the $6,546 aerial to $3,122 beat low. BTC aloof from highs and it is currently trading abreast the $4,750 level. On the downside, there are abounding supports abreast the $4,400 level. The contempo assemblage aloft key resistances has austere the aisle for added upsides aloft $5,000. If there is a downside correction, the antecedent important attrition at $4,200 is acceptable to act as a able support.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount austere surged afterwards it bankrupt the capital $4,200 resistance. These are able bullish signs, accretion affairs of added upsides in the advancing days. The abutting above attrition to watch out is at $5,200. If buyers alike administer to beat $5,200, the antecedent breakdown abutment at $6,000 could be activated (a able advertise zone).

Technical indicators:

Daily MACD – The MACD is accepting drive in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for BTC/USD surged aloft the 70 akin with abounding absolute signs.

Major Support Levels – $4,400 followed by $4,200.

Major Resistance Levels – $4,850, $5,000 and $5,200.