Bitcoin Price Watch: BTC/USD Ran Into Resistance, More Gains Likely

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin price climbed higher recently and traded above the $3,800 resistance level against the US Dollar.
This week’s crucial bearish trend line was breached with resistance at $3,830 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price ran into a major resistance area at $4,080, but there are chances of more gains.

Bitcoin price gained traction and moved above $3,800 and $4,000 against the US Dollar. BTC/USD must break the $4,080 resistance level to trade further higher.

Bitcoin Price Analysis

Recently, there was a steady drop in bitcoin price from the $4,080 resistance against the US Dollar. The BTC/USD pair declined and traded below the $3,800 and $3,700 levels. However, buyers were able to protect losses below the $3,580 support area. A base was formed near $3,600 and later the price started a decent upward move. It climbed higher and broke the $3,700 and $3,800 resistance levels.

There was also a close above the $3,800 resistance and the 100 hourly simple moving average. The price also cleared the 76.4% Fib retracement level of the last slide from the $4,125 high to $3,520 low. More importantly, this week’s crucial bearish trend line was breached with resistance at $3,830 on the hourly chart of the BTC/USD pair. It opened the doors for more gains and the price moved above the $4,000 resistance. However, the $4,080 hurdle prevented further upsides and the price started consolidating gains. An initial support is near the $3,900 level and the 23.6% Fib retracement level of the last wave from $3,563 to $4,077.

Looking at the chart, bitcoin price moved above the key barrier at $3,800-3,830. If there is a proper close above $4,080, there could be a solid bullish wave towards $4,200 and $4,250 in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is currently well above the 60 level.

Major Support Level – $3,900

Major Resistance Level – $4,080

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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