- Bitcoin price started a strong increase above the $13,000 and $13,500 resistance levels against the US Dollar.
- The price is now trading well above the $13,500 support and the 55 SMA (H4).
- There was a break above a key contracting triangle with resistance near $13,200 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 $13,500 and $13,350 levels.
Bitcoin price is gaining pace above the $13,500 resistance zone against the US Dollar. BTC is likely to continue higher above $13,800 as long as it is above $13,000.
Bitcoin Price Analysis
In the past few days, bitcoin price started a steady increase above the $13,000 resistance against the US Dollar. BTC broke many hurdles near $13,200 to move further into a positive zone.
After a close above $12,800, there were range moves before the price resumed its upward move. There was a break above a key contracting triangle with resistance near $13,200 on the 4-hours chart of the BTC/USD pair.
The pair gained pace above the $13,500 resistance and the 55 simple moving average (4-hours). A high is formed near the $13,872 level and the price is currently consolidating gains. An initial support on the downside is near the $13,620 level.
The 23.6% Fib retracement level of the recent rally from the $12,796 swing low to $13,872 high is also near $13,620. The first major support is seen near the $13,350 level (the recent breakout zone).
The 50% Fib retracement level of the recent rally from the $12,796 swing low to $13,872 high is also close to the $13,350 support level. The next major support is near the $13,000 level, below which the bears are likely to aim a test of the 55 simple moving average (4-hours).
Conversely, bitcoin price might continue to rise above the $13,780 and $13,800 levels. The next major resistance is near the $14,000 level, above which the bulls are likely to aim a test of the $14,400 level or even $14,500.
Looking at the chart, bitcoin price is clearly trading in a bullish zone above the $13,500 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 $13,500 and $13,350 levels.
Technical indicators
4 hours MACD – The MACD is showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now correcting lower from the 80 level.
Key Support Levels – $13,620 and $13,350.
Key Resistance Levels – $13,800, $14,000 and $14,400.
