- Bitcoin price started a strong increase above the $32,500 zone against the US Dollar.
- The price is now trading above $33,000 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $31,950 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $30,000 support zone.
Bitcoin price is showing positive signs above $33,500 against the US Dollar. BTC might correct lower, but dips could be limited below the $32,000 zone.
Bitcoin Price Analysis
Bitcoin price started a strong increase above the $30,000 resistance zone. The price remained stable above the $32,500 level and traded in a positive zone.
There was a clear move above the $33,500 level and the 55 simple moving average (4 hours). The price even rallied above the $34,000 resistance zone. However, the price seems to be struggling near the $35,000 zone. A high was formed near $35,157 and the price is now consolidating gains.
The price traded below $35,000 but it is still well above the 23.6% Fib retracement level of the upward move from the $26,521 swing low to the $35,157 high.
The price is now trading above $33,500 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $34,500 level. The first major resistance is near the $35,000 level, above which the price could rise toward the $36,500 zone.
Any more gains might send the price toward the $40,000 zone. If there is no upside break, the price might start a downside correction below $33,500. There is also a connecting bullish trend line forming with support near $31,950 on the 4-hour chart of the BTC/USD pair.
The next key support is near the $30,800 level or the 50% Fib retracement level of the upward move from the $26,521 swing low to the $35,157 high. Any more losses might call for a move toward the $30,000 support zone.
Looking at the chart, Bitcoin price is trading above $33,500 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $30,000 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $32,000 and $30,000.
Key Resistance Levels – $34,500, $35,000, and $40,000.