Bitcoin (BTC) Price Trend Overwhelmingly Bullish, Bulls Aim $4,400

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price gained traction in the past few days and traded to new a new monthly high at $4,132 against the US Dollar.
The price corrected lower recently, but it found support near the $4,050 and $4,040 levels.
There is a major ascending channel in place with support at $4,070 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair might decline towards the $4,040 support once again before climbing higher in the near term.

Bitcoin price is trading in a strong uptrend above $4,000 against the US Dollar. BTC/USD must stay above the $4,040 support to climb further higher above $4,150 and $4,200.

Bitcoin Price Weekly Analysis (BTC)

This past week, there was a strong upside break above the $4,000 resistance in bitcoin price against the US Dollar. Later, the BTC/USD pair formed a support base above the $3,980 and $4,000 levels for the next wave. Finally, there was a sharp upward move above the $4,040 pivot level. The price gained traction and broke the $4,100 resistance area. A new monthly high was formed at $4,132 before the price started a downside correction.

The price traded below the $4,080 level, but it stayed well above the 100 simple moving average (4-hours). There was a break below the 50% Fib retracement level of the last wave from the $3.995 swing low to $4,132 high. However, the $4,040 and $4,050 support levels acted as a strong buy zone. Besides, the 61.8% Fib retracement level of the last wave from the $3.995 swing low to $4,132 high acted as a solid buy zone. There is also a major ascending channel in place with support at $4,070 on the 4-hours chart of the BTC/USD pair.

If there is a downside break below the channel support, the price may revisit the $4,040 support area. As long as the price is above the $4,040 support area, there are chances of a fresh upward move above $4,100 and $4,150. The next key resistance above $4,150 is near the $4,200. The main aim for bulls in the coming days could be $4,400.

Looking at the chart, BTC price seems to be following a decent uptrend above the $4,000 and $4,040 support levels. In the short term, there could be range moves above $4,040 before a fresh increase. A convincing break above the $4,132 high is likely to set the pace for more gains towards the $4,200 and $4,400 levels.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving into the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is placed well above the 60 level.

Major Support Level – $4,040

Major Resistance Level – $4,130

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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