Bitcoin Price Watch: BTC Primed For Lift-off To $5,500

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price remained well supported above the $5,200 and $5,160 levels against the US Dollar.
The price is slowly grinding higher and it may well climb above the $5,350 level.
There is a major ascending channel in place with support at $5,210 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is trading nicely in an uptrend and it could continue to climb towards $5,400 and $5,500.

Bitcoin price remained well supported on the downside above $5,200 against the US Dollar. BTC is trading nicely in an uptrend and it seems like the bulls are aiming $5,400 or even $5,500.

Bitcoin Price Analysis

In the past three days, we saw a slow and steady rise above $5,100 in bitcoin price against the US Dollar. The BTC/USD pair broke the key $5,160 and $5,200 resistance levels to settle in a positive zone. There was even a close above the $5,200 level and the 100 hourly simple moving average. Intermediately, there were a few swing moves and downside corrections, but the price remained well bid above the $5,160 level. The last swing low was near at $5,192 before the price climbed above the $5,300 level.

The price traded as high as $5,364 recently and corrected lower. It broke the $5,280 level and the 50% Fib retracement level of the recent wave from the $5,192 low to $5,364 high. However, the decline was protected near the $5,250 support and the price remained well above the 100 hourly simple moving average. The 61.8% Fib retracement level of the recent wave from the $5,192 low to $5,364 high also acted as a strong support. More importantly, there is a major ascending channel in place with support at $5,210 on the hourly chart of the BTC/USD pair.

Therefore, dips towards the $5,220 and $5,200 levels remains well supported in the short term. On the upside, an initial resistance is near the $5,350 and $5,360 levels. A successful break above the $5,364 swing high is likely to open the doors for more gains above the $5,400 and $5,450 levels.

Looking at the chart, bitcoin price is clearly trading in a solid uptrend above the $5,200 support area. The bulls remain in action and there are chances of an upside break above the $5,400 resistance. On the downside, only a close below the green area at $5,160 could set the pace for more losses.

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 currently correcting lower towards the 50 level.

Major Support Levels – $5,200 followed by $5,160.

Major Resistance Levels – $5,360, $5,400 and $5,500.

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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