• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin (BTC) Price Watch: Bulls Target Fresh Monthly Highs

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
Advertisement
Nexo Logo
Listen to Article
  • Bitcoin price traded above the $3,940 level recently before correcting lower against the US Dollar.
  • The price is following a solid bullish path and buyers seem to be in control above $3,800.
  • There is a short term declining channel in place with resistance at $3,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is approaching a crucial support area near the $3,840 level.

Bitcoin price is placed nicely in an uptrend above $3,800 and $3,840 against the US Dollar. BTC is likely to climb higher and it could break the $4,000 barrier to set a new monthly high.

Bitcoin Price Analysis

Recently, there was a sharp decline in bitcoin price below the $3,840 and $3,800 levels against the US Dollar. The BTC/USD pair spiked below the $3,775 level and traded as low as $3,760. Later, there was a sharp recovery above the $3,800 resistance level. The rebound was strong as the price even broke the $3,840 and $3,900 resistance levels. The price traded to a new weekly high above $3,940 before correcting lower. A high was formed at $3,946 and later the price dipped below the $3,900 level.

There was a break below the 23.6% Fib retracement level of the recent wave from the $3,760 low to $3,946 high. Sellers even pushed the price below the $3,880 level and the 100 hourly simple moving average. However, the decline was stopped near the $3,850 support. The 50% Fib retracement level of the recent wave from the $3,760 low to $3,946 high also acted as a support. On the downside, there is a crucial support near $3,830 and an ascending channel on the hourly chart of the BTC/USD pair.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

At the outset, there is a short term declining channel in place with resistance at $3,900 on the same chart. In the short term, there is a risk of a downside push towards $3,840 or $3,830 before the price could climb higher. On the upside, a break above the $3,900 resistance is must for a fresh upward move. In the mentioned case, the price could spike above the $3,946 high. The next key resistance is near the $4,000 and $4,050 levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is placed nicely in an uptrend above the $3,830 support. There might be a few bearish moves, but the price remains supported for more gains above $3,900 in the near term.

Technical indicators

Hourly MACD – The MACD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD just moved below the 50 level, but it could bounce back.

Major Support Level – $3,840 followed by $3,830.

Major Resistance Level – $3,900, $3,940 and 4,000.

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

Ethereum

Ethereum is About to Flip a Key Resistance Level into Support; New Highs Imminent?

13 mins ago
Bitcoin

Bitcoin Struggles Below $38K, Why BTC Could Dive To $32K

17 hours ago
Ethereum

Ethereum is On the Brink of Setting Fresh All-Time Highs as Bulls Take Control

1 day ago

Why This Analyst Expects Bitcoin Price Consolidation After the Recent 15% Drop

2 days ago
bitcoin altcoins caution

Proper Altcoin Season While Bitcoin Drops Has Traders “Cautious”

2 days ago
XRP Likely to Plunge towards $0.20 as SEC Woes Rattle Investors

Bitcoin’s Bear Case Suggests Move to $28,000 is a Possibility in the Near-Term

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

Newsletter Signup


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.

COMPANY

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

Technical Analysis

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

LINKS

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 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.