Analysis Technical

Bitcoin Price Watch: BTC Buyers Eye Next Crucial Bullish Break

Aayush Jindal | February 15, 2019 | 6:30 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC Buyers Eye Next Crucial Bullish Break

Aayush Jindal | February 15, 2019 | 6:30 am
  • Bitcoin price dived with bearish moves and retested the key $3,540 support area against the US Dollar.
  • There is a crucial declining channel in place with resistance at $3,585 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A break above the channel resistance and $3,600 could spark more upsides in the near term.
  • On the downside, the main supports for buyers are near $3,540 and $3,500.

Bitcoin price is consolidating above key supports against the US Dollar. BTC buyers are eyeing the next bullish break above the $3,600 resistance area in the near term.

Bitcoin Price Analysis

There were a couple of rejections noted near the $3,600 resistance in bitcoin price against the US Dollar. The BTC/USD pair declined recently and broke the $3,570 and $3,550 support levels. The price even broke the 61.8% Fib retracement level of the upward move from the $3,538 low to $3,635 high. However, the decline was protected by the key $3,540 support area. A low was formed near the $3,534 and later the price bounced back above the $3,550 level.

Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $3,632 high to $3,534 low. However, there is a strong resistance formed near the $3,585 and $3,600 levels. The 100 hourly simple moving average is also near the $3,585 level. More importantly, there is a crucial declining channel in place with resistance at $3,585 on the hourly chart of the BTC/USD pair. Besides, the 50% Fib retracement level of the recent decline from the $3,632 high to $3,534 low is at $3,583.

Therefore, a break above the $3,585 and $3,600 resistance levels is a must for an upside acceleration. The next key resistance is near the $3,630 level, above which the price could rally towards the $3,700 level. An intermediate resistance is $3,655 and the 1.236 Fib extension level of the recent decline from the $3,632 high to $3,534 low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be facing a strong resistance near $3,600. There are two possible scenarios, first, the price breaks the channel resistance and trades towards the $3,630 and $3,655 levels. Second, it declines once again towards the $3,540 support. If there are more losses below $3,540, the next major support can be seen near the $3,500 level.

Technical indicators

Hourly MACD – The MACD is slightly placed in the bullish zone, with a few positive signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is placed nicely above the 50 level, with a minor bearish angle.

Major Support Level – $3,540 followed by $3,500.

Major Resistance Level – $3,585 and 3,600.

Tags: ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.