Analysis Technical

Bitcoin (BTC) Price Watch: Bulls Target Fresh Monthly Highs

Aayush Jindal | March 11, 2019 | 6:38 am
technical analysis bitcoin
Analysis

Bitcoin (BTC) Price Watch: Bulls Target Fresh Monthly Highs

Aayush Jindal | March 11, 2019 | 6:38 am
  • Bitcoin price traded above the $3,940 level recently before correcting lower against the US Dollar.
  • The price is following a solid bullish path and buyers seem to be in control above $3,800.
  • There is a short term declining channel in place with resistance at $3,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is approaching a crucial support area near the $3,840 level.

Bitcoin price is placed nicely in an uptrend above $3,800 and $3,840 against the US Dollar. BTC is likely to climb higher and it could break the $4,000 barrier to set a new monthly high.

Bitcoin Price Analysis

Recently, there was a sharp decline in bitcoin price below the $3,840 and $3,800 levels against the US Dollar. The BTC/USD pair spiked below the $3,775 level and traded as low as $3,760. Later, there was a sharp recovery above the $3,800 resistance level. The rebound was strong as the price even broke the $3,840 and $3,900 resistance levels. The price traded to a new weekly high above $3,940 before correcting lower. A high was formed at $3,946 and later the price dipped below the $3,900 level.

There was a break below the 23.6% Fib retracement level of the recent wave from the $3,760 low to $3,946 high. Sellers even pushed the price below the $3,880 level and the 100 hourly simple moving average. However, the decline was stopped near the $3,850 support. The 50% Fib retracement level of the recent wave from the $3,760 low to $3,946 high also acted as a support. On the downside, there is a crucial support near $3,830 and an ascending channel on the hourly chart of the BTC/USD pair.

At the outset, there is a short term declining channel in place with resistance at $3,900 on the same chart. In the short term, there is a risk of a downside push towards $3,840 or $3,830 before the price could climb higher. On the upside, a break above the $3,900 resistance is must for a fresh upward move. In the mentioned case, the price could spike above the $3,946 high. The next key resistance is near the $4,000 and $4,050 levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is placed nicely in an uptrend above the $3,830 support. There might be a few bearish moves, but the price remains supported for more gains above $3,900 in the near term.

Technical indicators

Hourly MACD – The MACD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD just moved below the 50 level, but it could bounce back.

Major Support Level – $3,840 followed by $3,830.

Major Resistance Level – $3,900, $3,940 and 4,000.

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.