Bitcoin (BTC) Price And Time: Trend Overwhelmingly Bullish

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is gaining bullish momentum above the $4,000 resistance area against the US Dollar.
The price is trading near monthly highs and it could accelerate above $4,050 and $4,080.
There is a key connecting bullish trend line formed with support at $3,985 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The current price action indicates a positive uptrend, with chances of gains above $4,100 in the near term.

Bitcoin price is trading with a positive bias above $4,000 against the US Dollar. Dips in BTC remain supported and buyers seem to be sighting more upsides above $4,050.

Bitcoin Price Analysis

Yesterday, we discussed that bitcoin price is hesitating, but there are chances of more gains above $4,000 against the US Dollar. The BTC/USD pair formed a solid support base near the $3,940 level and later started an upward move. There was a slow and steady rise above $3,980 and 100 hourly simple moving average. The price climbed above the $4,000 barrier and traded close to the last swing high near $4,050. It traded as high as $4,049 and remains well supported on the downside.

The crypto market (ETH, XRP and others) seems to be trading with a positive bias, boosting the sentiment for BTC. It is currently correcting lower below $4,030 and the 23.6% Fib retracement level of the recent wave from the $3,969 low to $4,049 high. However, there are many supports near the $4,000 level and the 50% Fib retracement level of the recent wave from the $3,969 low to $4,049 high. There is also a key connecting bullish trend line formed with support at $3,985 on the hourly chart of the BTC/USD pair.

The trend line support coincides with the 61.8% Fib retracement level of the recent wave from the $3,969 low to $4,049 high. The price is likely to find a strong support near the $4,000 and $3,985 levels. On the upside, an initial resistance is near the $4,050 level, above which the price could climb towards $4,080. The next main resistance is near the $4,100 level.

Looking at the chart, bitcoin price is placed nicely in an uptrend above $3,980 and it could continue to rise in the near term. On the flip side, if there is a break below $3,980, there could be a downside extension below $3,960. The most important support is at $3,940, below which the price may slide into a bearish zone.

Technical indicators:

Hourly MACD – The MACD is likely to move into the bearish zone in the short term.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower towards the 50 level.

Major Support Levels – $4,000 followed by $3,980.

Major Resistance Levels – $4,040, $4,050 and $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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