Analysis Technical

Bitcoin Price Watch: BTC Likely Preparing For Bullish Ride

Aayush Jindal | January 10, 2019 | 7:00 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC Likely Preparing For Bullish Ride

Aayush Jindal | January 10, 2019 | 7:00 am
  • Bitcoin price is placed nicely above the $3,965 and $3,980 support levels against the US Dollar.
  • There is a short term triangle forming with resistance at $4,045 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price may continue to move higher towards $4,250 if there is a clear break above $4,080.

Bitcoin price is gaining bullish momentum above $4,000 against the US Dollar. BTC remains supported on dips and it may soon climb above the $4,150 and $4,200 resistances.

Bitcoin Price Analysis

Yesterday, we discussed the key support at $3,940 for bitcoin price against the US Dollar. The BTC/USD pair stayed above the mentioned support and it slowly moved above $3,965 and $3,980. Buyers pushed the price above the $4,000 level. There was a break above the 23.6% Fib retracement level of the last drop from the $4,114 swing high to $3,965 swing low. It opened the doors for more gains above $4,050 and the price is now well above the 100 hourly simple moving average.

An initial resistance is near the $4,040 level. It represents the 50% Fib retracement level of the last drop from the $4,114 swing high to $3,965 swing low. More importantly, there is a short term triangle forming with resistance at $4,045 on the hourly chart of the BTC/USD pair. Therefore, a break above the triangle and $4,050 may open the doors for more gains in the near term. The next resistance is at $4,085, above which the price may climb towards the $4,150 and $4,200 levels. An intermediate resistance is the 1.236 Fib extension level of the last drop near $4,140.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading with a bullish tone above the $3,965 support. If there is a downside reaction below $3,965, the price may decline towards the $3,940 and $3,920 support levels. The main support below $3,920 is at $3,860.

Technical indicators

Hourly MACD – The MACD for BTC/USD is slowly gaining pace in the bullish zone, with a positive bias.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 55 level, with a bullish angle.

Major Support Level – $3,965

Major Resistance Level – $4,085

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