- Bitcoin price jumped higher recently and traded to a new weekly high above $ 4,140 against the US dollar.
- The price is traded as high as $ 4,142 and it is currently consolidating gains above key support.
- There is a new contracting triangle forming with support near $ 4,100 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair could decline in the short term, but it remains supported at around $ 4,100 and $ 4,050.
Bitcoin price is trading with a strong uptrend above the $ 4,040 pivot level against the US Dollar. BTC is likely to break the $ 4,150 resistance and could surge over $ 4,200.
Bitcoin Price Analysis
After forming a strong support near the $ 4,040 level, the bitcoin price climbed above $ 4,1
Initial support is near the $ 4,120 level and the 23.6% Fib retracement level of recent rise from $ 4,052 low to $ 4,142 high. However, the main support is near the $ 4,100 level. More importantly, there is a new contracting triangle forming with support at around $ 4,100 on the hourly chart of the BTC / USD pair. If the pair breaks the triangle support, it could test the $ 4,060 level and the 100 hourly simple moving average.
On the upside, the resistance of the triangle is near the $ 4,145 and $ 4,150 levels. A clear break over the $ 4,150 resistance could open doors for more gains over $ 4,200. The next significant resistance is at $ 4,240, above which the price may increase to $ 4,400. On the flip side, if there is a fresh correction of downside, buyers could take stand near the $ 4,060 support or 100 hourly simple sliding average.
Looking at the The chart, bitcoin price is clearly following a solid bullish path above the $ 4,100 and $ 4,060 support levels. In the short term, there could be a range of moves above $ 4,100 before the price spikes over the resistance of $ 4.145. The most important support is near the $ 4,040 pivot level. There is also a big bullish trend line in place with support at $ 4,055 on the same chart.
Hourly MACD – The MACD is placed in a bullish zone with positive signs.
Hourly MACD –
Hourly MACD – The MACD is placed in a bullish zone with positive signs. Relative Strength Index – The RSI for BTC / USD is currently moving lower from the 72 level.
Major Support Levels – $ 4,100 followed by $ 4,060.
Major Resistance Levels – $ 4,145, $ 4,150 and $ 4,200