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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Bitcoin Price Watch: BTC Readies For Bullish Acceleration Above $4,000

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price is well supported on the downside near the $3,900 and $3,850 supports against the US Dollar.
  • The price is likely to accelerate gains above the $3,975 and $4,000 resistance levels.
  • There is a major bullish trend line formed with support at $3,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could dip a few points, but buyers are likely to protect declines below $3,850.

Bitcoin price is likely setting up for the next break above $4,000 against the US Dollar. BTC could gain bullish momentum towards $4,200 if it succeeds in surpassing the $4,000 resistance.

Bitcoin Price Analysis

Yesterday, we saw a minor downside correction from the $3,975 swing high in bitcoin price against the US Dollar. The BTC/USD pair traded below the $3,900 support level, but it found support near the $3,860 level. Later, it formed a support base above $3,860 and finally started a fresh upward move. It broke the 50% Fib retracement level of the recent decline from the $3,974 high to $3,861 low. Besides, there was a break above a connecting bearish trend line at $3,900 on the hourly chart of the BTC/USD pair.

The pair settled above the $3,920 level and traded close to the $3,950 resistance. BTC tested the 76.4% Fib retracement level of the recent decline from the $3,974 high to $3,861 low. It is currently consolidating below $3,950, with a bullish angle. The current price action is positive and it seems like there could be more gains above $3,950 and $3,975. However, a successful break above the $4,000 resistance is must for an upside acceleration. The next key resistance is near $4,180 and $4,200 levels.

On the downside, the main support is near the $3,900 level. There is also a major bullish trend line formed with support at $3,900 on the same chart. Should BTC decline below the trend line, it could test the $3,860 and $3,830 support levels. The final support is at $3,800 and the 100 hourly simple moving average. Below the 100 hourly SMA, the price could decline towards $3,720.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly trading with a bullish bias above the $3,900 and $3,860 supports. Therefore, there are high chances of more upsides above the $3,975 and $4,000 resistance. Buyers could aim for $4,200 if there is a successful hourly close above the $4,000 barrier in the near term.

Technical indicators

Hourly MACD – The MACD is slowly gaining strength in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level, with a positive angle.

Major Support Level – $3,900 followed by $3,860.

Major Resistance Level – $3,950. $3,975 and 4,000.

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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