• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain

Bitcoin (BTC) Price Flirts With Key Resistance: Upside Break Possible

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
Advertisement
  • Bitcoin price is facing a strong resistance near the $5,150 and $5,160 levels against the US Dollar.
  • The price must break the $5,160 and $5,200 levels to start a strong rebound.
  • There is a major bearish trend line forming with resistance near $5,160 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely preparing for the next break either above $5,200 or towards $4,950.

Bitcoin price is trading near a couple of important hurdles against the US Dollar. BTC seems to be preparing for the next move either above the $5,200 resistance or below $5,100.

Bitcoin Price Analysis

In the past three sessions, there were range moves in bitcoin price below the $5,200 resistance against the US Dollar. Earlier, the BTC/USD pair formed a decent support above the $5,000 and $5,020 levels. It recovered above the $5,050 level and the 23.6% Fib retracement level of the downward move from the $5,511 high to $4,906 low. The price even broke the $5,200 level, but it failed to retain strength. There were a couple of attempts to clear $5,210 and $5,220, but the bulls failed.

The price also failed near the 50% Fib retracement level of the downward move from the $5,511 high to $4,906 low. Besides, the 100 hourly simple moving average is currently preventing gains above the $5,160 level. There is also a major bearish trend line forming with resistance near $5,160 on the hourly chart of the BTC/USD pair. More importantly, there is a contracting triangle in place with resistance near $5,160. Therefore, an upside break above the $5,160 level may clear the path for more gains above $5,200.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The next resistance above $5,200 is at $5,280. It represents the previous support and the 61.8% Fib retracement level of the downward move from the $5,511 high to $4,906 low. On the other hand, if there is a downside break below $5,120 and $5,100, there could be sharp declines in the near term. The next support is at $5,050, below which the price could revisit the $4,950 support.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading with a positive bias above $5,120. However, a convincing break above $5,160 and $5,200 is must for more upsides. If the bulls continue to struggle, there could be a fresh decline below $5,120 and $5,100. In the mentioned bearish case, the price could struggle to bounce back in the near term.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Technical indicators:

Hourly MACD – The MACD is mostly flat in the bullish zone, with a few positive signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below 50, with no bearish sign.

Major Support Levels – $5,120 followed by $5,100.

Major Resistance Levels – $5,160, $5,200 and $5,280.

Tags: bitcoinbtc
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

XRP whales

Bullish Signal: XRP Whales Go On $155 Million Buying Spree

6 hours ago
ZEC

ZEC Coin Up Despite Security Firm Identifying Vulnerability In Zcash

9 hours ago
Solana Price Aims Higher

SOL Price Prediction: Solana Gearing For Another Lift-Off to $25

17 hours ago
Ethereum Price

Ethereum Price Underperforms and Turns At Risk of Downside Break

19 hours ago
Bitcoin

Bitcoin Price Defies Gravity And Here’s Why BTC Could Surge To $30K

20 hours ago
bitcoin price dead death cross

Bitcoin Officially Back From The Dead As Price Moves Above “Death Cross”

3 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Aave News Points To Head Of Development In Search Of AI Solutions – Avorak AI Proves Itself In ICO Phase

March 20, 2023

New Meme Project Love Hate Inu Raises $1 Million & Enters Stage 2 of Presale

March 20, 2023

TMS Network (TMSN) Holders Enjoy Gains in Presale Attracting New Investors from PancakeSwap (CAKE) And Algorand (ALGO)

March 20, 2023

USD Coin (USDC) And Cardano (ADA) Suffer Losses While TMS Network (TMSN) Explodes in Presales

March 20, 2023

TMS Network (TMSN) Emerges as the New Favorite of Investors, Leaving Filecoin (FIL) and Arweave (AR) in the Dust

March 20, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.