Bitcoin (BTC) Price Primed For Gains With Bullish Sentiment On Rise

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price fund a strong support near the $4,920 level and later recovered against the US Dollar.
The price broke the $5,120 resistance level to move into a positive zone.
There was a break above a key bearish trend line with resistance at $5,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is now trading nicely above the $5,150 level and the 100 hourly simple moving average.

Bitcoin price rebounded nicely above $5,100 against the US Dollar. BTC is currently showing positive signs and a break above $5,200 is likely to accelerate gains above $5,250 in the near term.

Bitcoin Price Analysis

This past week, we saw a major downside correction below $5,200 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $5,000 level and traded as low as $4,920. Later, the price consolidated in a range and formed a decent support above the $4,950 level. Finally, the price started a fresh increase and traded above the $5,040 and $5,120 resistance levels. Buyers gained traction and pushed the price above the $5,150 level and the 100 hourly simple moving average.

Besides, the price broke the 23.6% Fib retracement level of the last drop from the $5,464 high to $4,920 low. More importantly, there was a break above a key bearish trend line with resistance at $5,080 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $5,150 level and the 100 hourly simple moving average. It traded close to the $5,200 resistance and the 50% Fib retracement level of the last drop from the $5,464 high to $4,920 low.

A break above the $5,200 level is needed for more gains. The next key resistance could be $5,255 and the 61.8% Fib retracement level of the last drop from the $5,464 high to $4,920 low. A successful close above the $5,260 level might open the doors for a strong rise towards the $5,330 level. On the downside, the recent resistance at $5,120 is likely to act a solid support.

Looking at the chart, bitcoin price clearly climbed into a positive zone above the $5,120 level and the 100 hourly SMA. Dips from the current levels are likely find a strong buying interest above $5,100. On the upside, a break above the $5,200 and $5,260 levels could really boost the market sentiment in favor of buyers in the near term.

Technical indicators:

Hourly MACD – The MACD is currently placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level and is correcting lower.

Major Support Levels – $5,150 followed by $5,120.

Major Resistance Levels – $5,200, $5,260 and $5,330.

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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