Bitcoin (BTC) Price Analysis

2 min

  • Bitcoin cost exchanged over the $5,300 resistance and tried $5,360 against the US Dollar.
  • The cost is right now exchanging with a bullish bias over the $5,280 and $5,250 supports .
  • There are two bullish pattern lines formed with support close $5,320 and $5,280 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair stays supported on dips and it could keep on moving towards the $5,400 and $5,450 levels.

Bitcoin cost is gradually grinding higher towards $5,450 against the US Dollar. BTC stays in an uptrend and it is probably going to move towards the $5,500 level in the coming sessions.

Bitcoin Price Analysis

In the previous three sessions, there was an enduring ascent above $5,280 in bitcoin cost against the US Dollar. The BTC/USD pair picked up footing over the $5,300 resistance and settled over the 100 hourly simple moving average . The cost spiked broke the $5,340 level and exchanged as high as $5,359. As of late, it corrected lower underneath the $5,320 level, and the 23.6% Fib retracement dimension of the upward move from the $5,197 swing low to $5,359 high.

The cost even exchanged beneath the $5,300 level, however the $5,280 support went about as a solid help. Also, the half Fib retracement dimension of the upward move from the $5,197 swing low to $5,359 high went about as a support . All the more critically, there are two bullish pattern lines shaped with help close $5,320 and $5,280 on the hourly chart of the BTC/USD pair. On the drawback, there are numerous backings close $5,280 and $5,250. If there are expanded losses, the cost may retest the $5,200 support. The 100 hourly SMA is likewise near $5,200 to hold losses.

On the upside, a reasonable break above the $5,360 level may pave the way for a push towards the $5,400 level. The following key obstruction is close to the $5,450 level, where venders may show up. The present value activity is certain and, consequently recommends more increases above $5,360. If there is a downside correction , the bulls are probably going to ensure $5,280 or $5,250.

Bitcoin Price Analysis BTC Chart

Taking a gander at the chart , bitcoin cost is giving positive hints above $5,280. There may be two or three swing moves temporarily, yet the cost is probably going to outperform the $5,360 swing high. Therefore, the principle stop for the bulls this week could be $5,450 or even $5,500. Then again, a nearby underneath $5,200 and the 100 hourly SMA is probably going to discredit the current bullish view.

Technical pointers:

Hourly MACD – The MACD is gradually moving back in the bullish zone, with level signs. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently over the 50 level and testing 60. Major Support Levels – $5,280 pursued by $5,250. Major Resistance Levels – $5,360, $5,400 and $5,450.

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