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Bitcoin

Bitcoin Technicals Suggest Bulls Likely To Target Fresh High above $13.5K

Aayush Jindal by Aayush Jindal
3 years ago
in BTC
Reading Time: 2 mins read

Bitcoin price is trading nicely above the $13,000 resistance zone against the US Dollar. BTC is showing positive signs and likely gearing for more upsides above $13,200 and $13,500.

  • Bitcoin successfully cleared the $12,800 and $13,000 resistance levels.
  • The price is now trading nicely above the $13,000 handle and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $13,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise above the $13,200 and $13,250 resistance levels.

Bitcoin Price Aims New High

This past week, bitcoin started a strong increase above the $12,000 and $12,500 resistance levels against the US Dollar. The BTC/USD pair even surged above the $13,000 level and settled nicely above the 100 simple moving average (4-hours).

It traded to a new monthly high at $13,250 before starting a short-term downside correction. There was a break below the $13,000 level, but the price remained well bid above the $12,650 support zone.

A low was formed near $12,740 before the price started a fresh increase. There was a break above the $13,000 resistance level, plus the price settled above the 50% Fib retracement level of the recent decline from the $13,250 swing high to $12,740 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The price is now approaching the $13,200 resistance level. It seems like there is a major bullish trend line forming with support near $13,000 on the 4-hours chart of the BTC/USD pair.

On the upside, the price is facing a strong resistance near the $13,200 and $13,220 levels. If there is a clear break above $13,200, the bulls are likely to aim a new monthly high and the price could test the $13,500 level. Any further gains could open the doors for a rise towards the $14,000 resistance.

Downsides Could Be Limited in BTC

If bitcoin fails to clear the $13,200 resistance, it could correct lower. An initial support is near the trend line zone and the $13,000 level.

A downside break below the $13,000 and $12,950 support levels could push the price towards the $12,740 low. The next major support is near the $12,650 level, below which the price might test the $12,500 level.

Technical indicators

4 hours MACD – The MACD for BTC/USD is likely to move back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 70 level.

Major Support Level – $13,000

Major Resistance Level – $13,200

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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