- Bitcoin price started a strong increase above the $13,550 and $13,600 resistance levels against the US Dollar.
- The price is now trading well above the $13,700 support and the 55 SMA (H4).
- There was a break above a major bearish trend line with resistance near $13,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could correct a few points, but dips are likely to find support near the $13,700 and $13,600 levels.
Bitcoin price is showing positive signs above the $13,600 support zone against the US Dollar. BTC is likely to continue higher above $14,000 as long as it is above $13,260.
Bitcoin Price Analysis
In the past few days, bitcoin price remained in a positive zone above $13,200 against the US Dollar. BTC broke many hurdles near $13,600 to move further into a positive zone.
The upward move was such that the price even broke the $13,880 and $14,000 resistance levels. It is now trading well above the $13,700 support and the 55 simple moving average (4-hours). During the rise, there was a break above a major bearish trend line with resistance near $13,600 on the 4-hours chart of the BTC/USD pair.
A high is formed near the $14,090 level and the price is currently correcting gains. There was a break below the $13,880 level, and the price traded below the 23.6% Fib retracement level of the recent rise from the $13,293 swing low to $14,090 high.
The first key support is near the $13,700 level. It is close to the 50% Fib retracement level of the recent rise from the $13,293 swing low to $14,090 high.
The next major support is near the $13,600 level, below which the bears might aim a test of the 55 simple moving average (4-hours). Any further losses is likely to call for a push towards the $13,300 support level and a connecting bullish trend line on the same chart.
Conversely, bitcoin price might continue to rise above the $13,880 and $13,950 levels. The next major resistance is near the $14,000 level, above which the bulls are likely to aim a rally towards $14,420 or $14,500.
Looking at the chart, bitcoin price is clearly trading in a bullish zone above the $13,600 support and the 55 SMA (H4). In the short-term, the price could correct a few points, but dips are likely to find support near the $13,700 and $13,600 levels.
Technical indicators
4 hours MACD – The MACD is placed nicely in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now correcting lower towards the 50 level.
Key Support Levels – $13,700 and $13,600.
Key Resistance Levels – $13,880, $14,000 and $14,420.
