Key Points
- Bitcoin price soared higher and cleared a major hurdle at $2000 against the US Dollar, as mentioned in the last weekly analysis.
- There are a few important bullish trend lines with support at $1980 and $1850 formed on the 4-hours chart of BTC/USD (data feed from SimpleFX).
- The price is likely to continue moving higher, and may soon break $2100 for further gains.
Bitcoin price rocketed above $2000 against the US Dollar, and now it looks like there can be continuous gains in BTC/USD towards $2100-2200.
Bitcoin Price Crucial Supports
In the last weekly analysis, I mentioned that Bitcoin price may soon head towards $2000 against the US Dollar. It did move higher, broke the $1900 resistance and even cleared $2000. A new all-time high was formed at $2072 recently, and the price looks set for more gains. The most important point is the fact that the price is well positioned above $2000.
The two bullish trend lines highlighted in the last weekly analysis are still active at $1850 and $1700. There is one more formed with support at $1980 on the 4-hours chart of BTC/USD. So, if the pair corrects lower, there are many supports waiting on the downside around $2000. Moreover, the 23.6% Fib retracement level of the last wave from the $1717 low to $2072 high is at $1988. So, we can witness a nice reaction around $2000 if the price dips from the current levels.
The overall trend is bullish with chances of a break above $2072 for a move above $2100. The price may even target $2150 and $2200 during the coming sessions. On the downside, we can keep an eye on $2000 and $1850 as crucial supports.
Looking at the technical indicators:
4-hours MACD – The MACD is currently super bullish, calling for more gains.
4-hours RSI (Relative Strength Index) – The RSI is heading higher in the overbought levels.
Major Support Level – $1980
Major Resistance Level – $2100
Charts courtesy – SimpleFX
