- The Bitcoin Prize is currently consolidating over the $ 3,940 support area against the US Dollar.
- The price is likely to grind higher than $ 4,000 as long as it exceeds $ 3,940.
- There is an important bearish trend line with resistance of $ 3,980 per hour for the BTC / USD pair (Kraken data feed).
- The couple could accelerate gains when there is a close over $ 4,000 and the 100-hour SMA
Bitcoin price seems to be preparing for the next break against the US dollar. BTC is likely to climb over the $ 4,000 barrier unless buyers fail to defend the $ 3,960 and $ 3,940 support levels.
Bitcoin Price Analysis
Recently, the bitcoin price rose well after trading as low as $ 3,872 over the US Dollar. The BTC / USD pair achieved traction and traded over 3,940 and 3,960 resistance levels. But the $ 4,000 level served as a strong resistance and prevented further gains. A swing high was formed near $ 3,999 and later corrected the price lower. There was a dip below the $ 3,980 and 23.6% Fib retracement level levels of the last wave from $ 3,872 low to $ 3,999 high.
But the central $ 3,940 support area served as a strong barrier to sellers. The found price supports just over $ 3,940 and the 50% Fib retracement level for the last wave from $ 3,872 low to $ 3,999 high. It is currently moving higher and trading near the $ 3,980 opposition. There is also an important bearish trend line formed with resistance of $ 3,980 per hour for the BTC / USD pair. Over the trend line, the 1
Therefore, a break over the trend line, the 100 hour SMA and $ 4,000, is necessary for buyers to gain control. Over $ 4,000 is the next key resistance near the $ 4,020 level above which the price is likely to test the $ 4,045 resistance. The downside is that the first aid is $ 3,960. However, the headline is close to $ 3,940, which can continue to hold losses.
Based on the chart, the bitcoin price is clearly consolidated over the support level of $ 3,940. As long as the price is over $ 3,940, there are chances of more wins over $ 3,980 and $ 4,000. To achieve a strong momentum, a clear break above the $ 4,020 pivot level is required. On the downside, a seal under the support of $ 3,940 can accelerate losses to $ 3,900 and $ 3,875.
Monthly MACD – MACD is slowly moving slowly in the bullish area.
Hourly RSI Relative Strength Index) – The RSI for BTC / USD is currently over 50 levels with positive signs.
Larger support levels – $ 3,960 followed by $ 3,940.
Greater Resistance Levels – $ 3,980, $ 4,000, and $ 4,020.