Bitcoin Price Watch: BTC/USD Buyers Aim $4,950 In Short Term

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin price is slowly recovering and it is currently placed above $4,400 against the US Dollar.
There was a break above a short term contracting triangle with resistance at $4,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price may perhaps continue to rise towards the $4,760 and $4,934 levels in the near term.

Bitcoin price is forming a decent support above $4,400 against the US Dollar. BTC/USD is likely to recover towards $4,934 in the short term.

Bitcoin Price Analysis

Yesterday, we saw a minor upside correction from the $4,038 swing low in bitcoin price against the US Dollar. The BTC/USD pair climbed higher and broke the $4,220 and $4,350 resistance levels. The price also succeeded in clearing the 50% Fib retracement level of the last drop from the $4,765 swing high to $4,038 low. It opened the doors for more gains and the price moved above the $4,500 resistance.

Moreover, there was a break above a short term contracting triangle with resistance at $4,480 on the hourly chart of the BTC/USD pair. These are positive signs since the price is now placed above the $4,440 and $4,220 supports. An immediate resistance is near $4,592 and the 76.4% Fib retracement level of the last drop from the $4,765 swing high to $4,038 low. Above $4,600, the price is likely to extend gains towards the $4,765 swing high. The final target could be the $4,934 level, which is the 1.236 Fib extension level of the last drop. On the downside, an immediate support is at $4,440, below which the price could test $4,220.

Looking at the chart, bitcoin price seems to be consolidating above the $4,220 support. There are positive signs emerging, which could lead the price higher towards $4,750 and $4,934.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently just near the 50 level.

Major Support Level – $4,220

Major Resistance Level – $4,750

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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