HomeBitcoin NewsBitcoin Price Analysis: BTC Primed For More Upsides Above $4,200

Bitcoin Price Analysis: BTC Primed For More Upsides Above $4,200

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  • Bitcoin price recovered recently and traded above the $4,000 level against the US Dollar.
  • There is a major contracting triangle formed with resistance at $4,060 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The price may dip a few points towards the $3,820 support before the next upward move.

Bitcoin price is slowly correcting lower from the $4,091 high against the US Dollar. BTC could decline towards the $3,870 or $3,820 support before climbing higher once again.

Bitcoin Price Analysis

This past week, there was a slow and steady rise in bitcoin price from the $3,735 swing low against the US Dollar. The BTC/USD pair traded above the $3,800 and $3,900 resistance levels. There was even a close above the $3,800 support and the 55 simple moving average (4-hours). Later, the price broke the $4,000 level and traded as high as $4,091. Finally, sellers appeared and later the price started a downside correction below $4,050.

The price recently declined below the 23.6% Fib retracement level of the last wave from the $3,734 low to $4,091 high. However, there are many supports on the downside, starting with $3,912. It represents the 50% Fib retracement level of the last wave from the $3,734 low to $4,091 high. If there is a break below $3,912, the price may test the $3,820 support and the 55 simple moving average (4-hours). An intermediate support is at $3,870 and the 61.8% Fib retracement level of the last wave. Therefore, if there is a downside push, the price may find bids near $3,912, $3,870 and $3,820. More importantly, there is a major contracting triangle formed with resistance at $4,060 on the 4-hours chart of the BTC/USD pair.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price remains well supported above the $3,820 support. If buyers fail to defend the $3,820 support and the triangle support, the price may decline to $3,570.

Technical indicators

4-hour MACD – The MACD for BTC/USD is placed in the bearish zone, with a few bearish signs.

4-hour RSI (Relative Strength Index) – The RSI is currently moving lower towards the 50 level, indicating a short term correction.

Key Support Level – $3,820

Key Resistance Level – $4,060

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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