Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
- Bitcoin price gained bullish momentum and broke the $5,200 resistance against the US Dollar.
- The price even broke the $5,300 level and it is currently trading with a positive bias.
- Yesterday’s discussed key bearish trend line was breached near $5,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair traded towards the $5,380 resistance level and it could continue to move higher.
Bitcoin price finally gained traction above $5,200 and $5,300 against the US Dollar. BTC price is back in a bullish zone and it could even surpass the $5,400 resistance level in the near term.
Bitcoin Price Analysis
Yesterday, we saw tight range moves in bitcoin price below the $5,160 resistance against the US Dollar. The BTC/USD pair struggled to clear the $5,160 and $5,200 resistance levels on many occasions. However, the bulls had the upper hand as they succeeded in pushing the price above the $5,160 and $5,200 resistance levels. There was a break above the 50% Fib retracement level of the decline from the $5,510 high to $4,905 low.
More importantly, yesterday’s discussed key bearish trend line was breached near $5,150 on the hourly chart of the BTC/USD pair. The pair even cleared the crucial triangle resistance near the $5,140 level. It opened the doors for more gains above the $5,250 resistance and the 100 hourly simple moving average. The bulls pushed the price above the $5,300 level and a new weekly high was formed near the $5,343 level. At the moment, the price is consolidating gains above $5,300. An initial support is at $5,280 and the 23.6% Fib retracement level of the recent wave from the $5,067 low to $5,343 high.
If there is a downside correction below the $5,280 level, the price could test the $5,200 support area. It coincides with the 50% Fib retracement level of the recent wave from the $5,067 low to $5,343 high. The main support is near the $5,160 level and the 100 hourly simple moving average. On the upside, an initial resistance is near the $5,380 level. A clear break above the $5,380 resistance will most likely call for more gains above $5,400.
Looking at the chart, bitcoin price clearly moved into a positive zone with a close above $5,200 and the 100 hourly simple moving average. In the short term, there could be a downside correction, but the bulls are likely to defend $5,250 or $5,200. Overall, bitcoin price is trading with a positive bias and likely to climb above $5,400.
Technical indicators:
Hourly MACD – The MACD is currently in the bullish zone, with positive signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD climbed above 60 and it is currently near 75.
Major Support Levels – $5,250 followed by $5,200.
Major Resistance Levels – $5,380, $5,400 and $5,440.
