Bitcoin Price Analysis: BTC/USD Bulls Keep Charging to Upside Targets

Quiks

Contributor
Bitcoin is gaining momentum after a strong bounce off the rising channel support visible on the 1-hour chart. Price has climbed past the first two Fibonacci extension levels and could be looking to test the swing high next.

This is in line with the 61.8% Fibonacci extension level at $4,125. The channel resistance is closer to the 78.6% level at $4,177 and the full extension is at $4,242.3. However, 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, there’s still a chance that bearish momentum could stay on.

Then again, the gap between the moving averages is narrowing to signal weakening selling pressure and a potential bullish crossover. If so, more buyers could be encouraged to jump in and sustain the climb. A break past the channel resistance could spur a steeper climb for Bitcoin.

RSI is heading lower from the overbought zone to signal that selling pressure is just about to pick up. Similarly stochastic has just recently turned lower from the overbought zone and has plenty of ground to cover before reaching the oversold region, which suggests that sellers could stay in the game for much longer. In that case, another test of the channel bottom around $4,000 could be underway, and a break below this might still spur a reversal.

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The strong rebound off the $4,000 key area of interest seems to have been enough to revive confidence in the coin, as well as other cryptocurrencies. Many are still predicting that Bitcoin could reach as high as $5,500 in May when more developments kick in and central banks are rumored to be stocking up on digital assets as well.

However, this move seems to have been accompanied by low volumes and no actual industry developments, so profit-taking could be as quick as in previous instances.
 

Quiks

Contributor
Ripple (XRP) Price Analysis: Further Gains Seem Likely

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Ripple price corrected lower after trading as high as $0.3168 against the US dollar.
The price traded below the $0.3100 level, but the $0.3070 level acted as a decent support.
There was a break above a key bearish trend line with resistance at $0.3080 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair is likely to accelerate gains once bulls clear the $0.3120 resistance level in the near term.
Ripple price remained well bids on the downside against the US Dollar and bitcoin. XRP/USD is climbing higher and it could accelerate once again towards the $0.3150 and $0.3165 levels.

Ripple Price Analysis

This past week, we saw a solid upward move above the $0.3100 resistance in ripple price against the US Dollar. The XRP/USD pair even broke the $0.3150 resistance and settled well above the 100 hourly simple moving average. The price traded as high as $0.3168 and later it started a downside correction. Sellers pushed the price below the $0.3120 and $0.3100 levels. However, the price found a strong support near the $0.3070 level and the 100 hourly simple moving average.

A swing low was formed at $0.3070 and recently the price climbed higher once again. It broke the 23.6% Fib retracement level of the last decline from the $0.3168 high to $0.3070 low. Moreover, there was a break above a key bearish trend line with resistance at $0.3080 on the hourly chart of the XRP/USD pair. The pair is now trading nicely above the $0.3080 level and the 100 hourly SMA. On the upside, an immediate resistance is near the $0.3120 level.

Besides, the 50% Fib retracement level of the last decline from the $0.3168 high to $0.3070 low is also near $0.3120. Therefore, the price might struggle to clear the $0.3120 resistance area. If bulls succeed in gaining strength above the $0.3120 resistance, the price could retest the $0.3150 resistance. Any further gains will most likely increase the chances of a move towards the $0.3200 barrier.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading nicely above the $0.3070 support and the 100 hourly SMA. Should sellers clear the $0.3070 support, there could be a downside extension. The next key support is near the $0.3030 level, where buyers are likely to emerge. Therefore, the $0.3070 support holds the key for more gains above the $0.3100 and $0.3120 resistance levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level, with a positive bias.

Major Support Levels – $0.3080, $0.3070 and $0.3030. :)

Major Resistance Levels – $0.3100, $0.3120 and $0.3150. ;)
 

Quiks

Contributor
Bitcoin price settled above the key $5,000 hurdle and tested the $5,240 resistance against the US Dollar.

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The price faced a strong selling interest near the main technical barrier at $5,240-5,260.
There is a major connecting bullish trend line formed with support near $4,200 on the daily chart of the BTC/USD pair (data feed from Kraken).

The pair corrected recently, but it is likely to make another breakout attempt above $5,240.
Bitcoin price started a massive bull-run above the $4,500 and $5,000 resistances against the US Dollar. BTC is currently struggling near the $5,240 resistance, but more upsides seems possible.

Bitcoin Price Analysis

In the past two days, we saw a nasty upward move above the $4,500 resistance in bitcoin price against the US Dollar. The BTC/USD pair even climbed above the $5,000 resistance and settled well above the 100-day simple moving average. During the recent rise, there was a break above a couple of important resistances near the $4,000 and $4,200 levels (green area). It opened the doors for a sharp rally above the $4,800 and $5,000 levels.

More importantly, there was a break above the 50% Fib retracement level of the last significant drop from the $6,559 high to $3,122 low. The price settled above the $5,000 resistance area and recently tested the next major hurdle near $5,240-5,260. It represents the previous swing low near $5,250 (red line). Besides, the 61.8% Fib retracement level of the last significant drop from the $6,559 high to $3,122 low is also near the $5,240 level. Therefore, the recent downside correction was from a crucial technical resistance near $5,250.

Having said that, downsides are likely to be limited since there are many supports near $5,000, $4,900 and $4,840. If there is an extended correction, the price could test the $4,600 or $4,550 support. There is also a major connecting bullish trend line formed with support near $4,200 on the daily chart of the BTC/USD pair. The main support is near the previous breakout area near the $4,200 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly moved into a strong uptrend above $5,000. It is currently facing a crucial resistance near $5,240, above which there are chances of more upsides towards the $5,500 or $5,750 level. The final stop for buyers could be $6,000 if there is a proper follow through above $5,500. On the downside, buyers are likely to remain active near $4,840 or $4,600 in the near term.

Technical indicators:

Daily MACD – The MACD is placed heavily in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for BTC/USD climbed above the 80 level and currently flat near 87.

Major Support Levels – $4,840 followed by $4,600. :(

Major Resistance Levels – $5,250, $5,500 and $5,750. :)
 

Quiks

Contributor
Ripple (XRP) Price Could Soon Follow BTC and ETH Higher, Targets $0.40

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Ripple price is trading in a positive zone above the $0.3500 support area against the US dollar.
Bitcoin and Ethereum climbed higher recently above the $5,200 and $180 levels respectively.
There was a break above a short-term contracting triangle with resistance near $0.3620 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair must clear the $0.3750 resistance to climb towards the $0.3850 and $0.4000 resistances.
Ripple price is placed nicely for more gains against the US Dollar and bitcoin. XRP might sooner or later break the $0.3750 resistance to start a solid rise towards the $0.4000 level.

Ripple Price Analysis

After a downside correction, ripple price found support near the $0.3250 level against the US Dollar. The XRP/USD pair started a fresh rise and traded above the $0.3380 and $0.3400 resistance levels. Later, there was a close above the $0.3500 level and the 100 hourly simple moving average. A swing high was formed at $0.3791 before the price corrected once again. It declined below the $0.3600 level and the 50% Fib retracement level of the last wave from the $0.3258 low to $0.3791 high.

However, the $0.3500 level acted as a solid support along with the 100 hourly SMA. Besides, the 61.8% Fib retracement level of the last wave from the $0.3258 low to $0.3791 high also acted as a support. The price is currently moving higher and is placed above the $0.3600 level. Moreover, there was a break above a short-term contracting triangle with resistance near $0.3620 on the hourly chart of the XRP/USD pair. The pair tested the $0.3700 level and it is currently signaling more gains.

On the upside, the main resistance is near the $0.3750 and $0.3780 levels. A successful close above the $0.3750 level is likely to open the doors for more gains above the $0.3850 resistance. The next main hurdle for buyers is near the $0.4000 level, where sellers are likely to appear.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading in a bullish zone above the $0.3600 and $0.3550 support levels. Therefore, if there is a fresh downside correction, buyers are likely to protect $0.3550 and the 100 hourly SMA. On the upside, sellers need to keep an eye on $0.3750 and $0.3780. A successful follow through above $0.3780 and $0.3800 is likely to push the price towards the $0.3850, $0.3900 or even $0.4000.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.

Major Support Levels – $0.3600, $0.3550 and $0.3520.:)

Major Resistance Levels – $0.3700, $0.3750 and $0.3780.:eek:
 

Quiks

Contributor
Bitcoin (BTC) Bulls Take Back Seat, $4,850 Holds The Key
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Bitcoin price started a major downward move after it failed to stay above $5,150 against the US Dollar.
The price declined below the $5,080 and $5,000 support levels to enter a short term bearish trend.
There is a key declining channel in place with resistance at $5,040 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline further towards the main support near $4,850, where bulls could take a stand.
Bitcoin price failed to hold the key $5,220 and $5,150 supports against the US Dollar. BTC even dipped below $5,000 and it may continue to slide towards the key $4,850 support area.

Bitcoin Price Analysis

Recently, there was a bearish reaction below the $5,350 support in bitcoin price against the US Dollar. The BTC/USD pair started a major downward move after sellers managed to push the price below the $5,220 and $5,150 support levels. It opened the doors for more losses, with a close below $5,150 and the 100 hourly simple moving average. The price even broke the $5,000 support area and traded close to the $4,920 support area.

A swing low was formed at $4,922 and the price is currently consolidating losses. It tested the 23.6% Fib retracement level of the recent drop from the $5,463 high to $4,922 low. There is also a key declining channel in place with resistance at $5,040 on the hourly chart of the BTC/USD pair. The pair could spike above the $5,040 and $5,050 levels. However, upsides are likely to be contained near the $5,080 and $5,100 levels. The main resistance is near the $5,150 level, above which bitcoin price could test the 50% Fib retracement level of the recent drop from the $5,463 high to $4,922 low.

The current price action is suggesting more losses below the $4,920 support level. The next main support is at $4,850, which was a resistance earlier. Bulls are likely to take a stand near $4,850. If they fail to protect $4,850, the price could test the $4,720 support.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly struggled in the past two sessions and settled below the $5,150 support. In the short term, there could be an upside correction, but upsides are likely to be capped near $5,080 or $5,100. Therefore, there are chances of another downside push below $4,920 before bulls appear near the $4,850 support area.

Technical indicators:

Hourly MACD – The MACD is showing negative signs in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD recovered recently from 30 and it is currently near the 40 level.
Major Support Levels – $4,920 followed by $4,850.o_O
Major Resistance Levels – $5,040, $5,080 and $5,150.:mad:
 

Quiks

Contributor
Ripple (XRP) Price Could Retest $0.3000 Before Fresh Upside
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Ripple price failed near the $0.3370 level and declined below the $0.3250 support against the US dollar.
The price traded to a new weekly low at $0.3134 and remains at a risk of more losses in the short term.
There is a major bearish trend line formed with resistance near $0.3285 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could extend the current decline and it may even revisit the key $0.3000 support area.
Ripple price failed to gain bullish momentum against the US Dollar and bitcoin. XRP declined below $0.3220 and it may continue to decline towards $0.3000 before completing a correction.

Ripple Price Analysis

Yesterday, we saw a strong buying interest above $0.3200 and ripple price recovered above $0.3280 against the US Dollar. The XRP/USD pair even broke the $0.3350 level, but it failed to clear the $0.3370 level. It seems like the price struggled to settle above the $0.3350 level and the 100 hourly simple moving average. As a result, there was a fresh decline below $0.3280 and $0.3250. The price even broke the $0.3220 and $0.3200 support levels. A new weekly low was formed at $0.3134 and the price settled well below the 100 hourly simple moving average.

At the moment, the price is correcting higher above $0.3150. It broke the 23.6% Fib retracement level of the recent decline from the $0.3326 high to $0.3134 low. However, there are many resistances on the upside, starting with $0.3220 and $0.3230. The 50% Fib retracement level of the recent decline from the $0.3326 high to $0.3134 low is also near $0.3230. Above $0.3230, the 100 hourly SMA could prevent gains above $0.3250. There is also a major bearish trend line formed with resistance near $0.3285 on the hourly chart of the XRP/USD pair.

Therefore, the price is likely to struggle between $0.3250 and $0.3280 in the short term. If bulls fail to surpass the trend line and $0.3300, there are chances of a fresh decline. An initial support is near the recent low at $0.3130, below which the price may revisit the $0.3100 level. However, the main support is at $0.3000, where buyers are likely to appear.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is showing bearish signs below the $0.3250 and $0.3280 levels. A clear break and close above $0.3300 is needed for a change in trend to bullish in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD might move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recovered recently from 25 and it is currently at 40.
Major Support Levels – $0.3130, $0.3100 and $0.3000 :)
Major Resistance Levels – $0.3250, $0.3280 and $0.3300 o_O
 

Quiks

Contributor
Bitcoin (BTC) Price Hesitates But More Upsides Seem Likely

There was a slow and steady rise in bitcoin after it tested the $4,920 area against the US Dollar.
The price climbed higher steadily and broke the $5,200 resistance area to move into a positive zone.
There is a key ascending channel in place with support at $5,270 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could dip in the short term, but buyers are likely to buy heavily near $5,270 or $5,250.
Bitcoin price is showing positive signs above the $5,200 pivot level against the US Dollar. BTC could accelerate higher once it clears the $5,400 resistance area in the near term.

Bitcoin Price Weekly Analysis (BTC)

This past week, there was a downside extension below the $5,000 level in bitcoin price against the US Dollar. The BTC/USD pair traded below the $4,950 level before buyers took a stand above the $4,920 level. A swing low was formed at $4,922 and later the price started consolidating in a range. Finally, there was a fresh increase above the $5,160 resistance and the 100 simple moving average (4-hours). The price broke the $5,200 level and the 50% Fib retracement level of the last slide from the $5,462 high to $4,922 low.

The recent upward move was positive since there was a close above the $5,200 and $5,250 levels. However, the price seems to be struggling near the $5,350 resistance. There was also no close above the 76.4% Fib retracement level of the last slide from the $5,462 high to $4,922 low. A successful close above the $5,350 level may perhaps open the doors for more upsides above the $5,400 and $5,450 levels. A break above the last high near $5,462 could trigger a strong upward move towards $5,600 or $5,800.

On the downside, there is a decent support formed above $5,270. There is also a key ascending channel in place with support at $5,270 on the 4-hours chart of the BTC/USD pair. If there is a break below the channel support at $5,270, the price could test the $5,160 support level and the 100 simple moving average (4-hours).


Bitcoin Price Weekly Analysis BTC Chart

Looking at the chart, bitcoin price is trading nicely above key supports near $5,200. If there is a short term downside correction, buyers are likely to protect $5,270 or $5,200. Only a daily close below $5,160 could put buyers on the back foot. The next key support is at $5,040, followed by the $4,922 swing low.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slightly placed in a bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is slowly moving lower towards the 50 level.
Major Support Level – $5,160
Major Resistance Level – $5,400
 

Quiks

Contributor
Ethereum (ETH) Price Prediction: One Last Dip Before Higher?

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ETH price extended losses and traded to a new weekly low near the $160 level against the US Dollar.
The price is currently trading below the key resistance levels near $167 and $169.
There is a major bearish trend line in place with resistance near $167 on the hourly chart of ETH/USD (data feed via Kraken).
The pair might decline one last time towards $160 or $158 before a fresh upward move in the near term.
Ethereum price seems to be struggling below key pivot levels versus the US Dollar and bitcoin. ETH could retest the $160 support area before the bulls take a stand.

Ethereum Price Analysis

Recently, we saw the start of a major downside correction in Ethereum price from the $177 resistance against the US Dollar. The ETH/USD pair declined below the $170 support level and the 100 hourly simple moving average. The price tested the $166 support level and later corrected a few points. However, the price faced a strong resistance near the $170 resistance. There was a failure near the 50% Fib retracement level of the drop from the $177 high to $166 low.

As a result, the price resumed its decline and it even broke the last swing low near $166. The decline was such that the price surpassed the $162 support and tested the $160 support area. A swing low was formed above $160 and the price recently corrected higher. It broke the 50% Fib retracement level of the recent decline from the $170 swing high to $160 swing low. The bulls were able to push the price above the $165 level as well. However, the $166-167 zone acted as a strong resistance.

Ethereum failed to clear the 618% Fib retracement level of the recent decline from the $170 swing high to $160 swing low. There is also a major bearish trend line in place with resistance near $167 on the hourly chart of ETH/USD. Therefore, the price could decline one more time towards the $160 support area. On the upside, the $167 and $169 levels are major resistances. A close above $169 and the 100 hourly SMA is must for a fresh increase in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is currently trading in a bearish zone below $167 and $169. It seems like there could be another dip towards $160 or $158. Once the current correction wave is complete, the price is likely to bounce back above $170.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ETH/USD failed to stay above 50 and it is currently moving towards the 40 level.
Major Support Level – $160 ;)
Major Resistance Level – $169 :(
 

Quiks

Contributor
Bitcoin (BTC) Price Eyeing Last Line Of Defense: Buy Dips?

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here was a strong decline in bitcoin price below the $5,280 support level against the US Dollar.
The price even spiked below the $5,000 support level and it is currently consolidating above $5,100.
There is a major bullish trend line in place with support at $5,080 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could bounce back as long as there is no weekly close below the $5,000 support level.
Bitcoin price started consolidating losses after a strong decline against the US Dollar. BTC is likely to recover above $5,200 and $5,280 in the near term unless the $5,000 gives way.

Bitcoin Price Weekly Analysis (BTC)

This past week, there was a significant rejection in bitcoin price near the $5,660 level against the US Dollar. The BTC/USD pair started a strong downward move below $5,400 after tether’s drama. The price tumbled below the key $5,280 and $5,200 support levels. There was even a spike below $5,000, plus a close below the 100 simple moving average (4-hours). A swing low was formed near the $4,910 level and recently the price recovered above $5,000 and $5,050.

At the moment, the price is testing the 50% Fib retracement level of the last drop from the $5,510 swing high to $4,910 swing low. However, the $5,220 area and the 100 simple moving average (4-hours) are acting as hurdles. Above $5,220, there is a major resistance near $5,280 and a connecting bearish trend line. The 61.8% Fib retracement level of the last drop from the $5,510 swing high to $4,910 swing low is also near the $5,280 level. A successful close above the $5,280 level might trigger a decent recovery in the near term.

On the downside, there is a major bullish trend line in place with support at $5,080 on the 4-hours chart of the BTC/USD pair. The trend line support near $5,080 is very important, below which the price could test $5,000. If there is a daily close below $5,000, the price is likely to move further into a bearish zone. In the mentioned case, the price will most likely test $4,800 or $4,750.

Bitcoin Price Weekly Analysis (BTC)

Looking at the chart, bitcoin price faced a strong selling interest below $5,400. However, it managed to stay above the $5,000 support. Therefore, there are chances of a recovery above the $5,280 resistance levels. If there is a close above $5,280, there are chances of move towards $5,400 or even $5,500.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 40 level, with a few positive signs.
Major Support Level – $5,050 ;)
Major Resistance Level – $5,280 :)
 

Quiks

Contributor
Ripple (XRP) Price Remains At Risk Of Further Decline

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Ripple price recovered recently above the $0.2900 level and tested $0.2960 against the US dollar.
The price seems to be facing a strong resistance near the $0.2950 and $0.2960 resistance levels.
There is a connecting bearish trend line forming with resistance near $0.2935 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could revisit the $0.2810 level as long as it is trading below $0.2960 and $0.3000.
Ripple price is facing a lot of hurdles on the upside against the US Dollar and bitcoin. XRP remains at a risk of more declines unless it climbs back above the $0.3000 resistance area.


Ripple Price Analysis

After a short term correction, ripple price extended losses below the $0.2950 support against the US Dollar. The XRP/USD pair broke the $0.2920 support level and declined heavily below $0.2900. It traded close to the $0.2800 level and settled well below the 100 hourly simple moving average. A new monthly low was formed at $0.2796 and the price recently corrected higher. It broke the $0.2860 level and the 23.6% Fib retracement level of the last drop from the $0.3077 high to $0.2796 low.

The price even moved above the $0.2900 level, but it faced a strong resistance near the $0.2950 and $0.2960 resistance levels. More importantly, the price failed to clear the 100 hourly simple moving average, which is currently near $0.2938. Besides, the price failed near the 50% Fib retracement level of the last drop from the $0.3077 high to $0.2796 low. Finally, there is also a connecting bearish trend line forming with resistance near $0.2935 on the hourly chart of the XRP/USD pair.

Therefore, ripple must break the $0.2950 resistance, the trend line, and the 100 hourly SMA. A successful close above the $0.2950-0.2960 zone could push the price towards the next resistance at $0.3000. Once there is a daily close above $0.3000, the price may start a decent recovery in the near term. On the downside, an initial support is near the $0.2860 level. If the bulls struggle to keep the price above $0.2860, the price could revisit the $0.2810 and $0.2800 support levels.


Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading in a tight range below key resistances near $0.2960 and $0.3000. The bulls need to gain traction above $0.3000 to push the price back in a positive zone. If not, there is a risk of a fresh decline towards the $0.2810 or $0.2750 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is likely to remain in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recently jumped above the 50 level.
Major Support Levels – $0.2860, $0.2810 and $0.2800. :)
Major Resistance Levels – $0.2950, $0.2960 and $0.3000.:eek:
 

Quiks

Contributor
Bitcoin (BTC) Price Near Crucial Juncture: Can Bulls Gain Traction?

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Bitcoin price rebounded above $5,100 after a massive drop towards $4,900 against the US Dollar.
The price seems to be facing a strong resistance near the $5,200 and $5,220 levels.
There is a major bearish trend line in place with resistance near $5,230 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could either rally above the $5,250 resistance or start a fresh decline in the near term.
Bitcoin price is facing a significant resistance against the US Dollar. BTC is likely to climb sharply if it settles above $5,250 and the 100 hourly simple moving average.


Bitcoin Price Analysis

This past week, there was a sharp drop in bitcoin price below the $5,200 support against the US Dollar. The BTC/USD pair even spiked below the $5,000 support level and formed a swing low above $4,900. Later, the price started a slow and steady recovery above the $5,000 and $5,050 resistance levels. The bulls even pushed the price above the $5,100 resistance and the 23.6% Fib retracement level of the last slide from the $5,509 high to $4,905 low.

It opened the doors for more gains above the $5,150 level, but the price struggled to clear the $5,200 and $5,220 resistance levels. It seems like the 50% Fib retracement level of the last slide from the $5,509 high to $4,905 low is acting as a hurdle. Besides, the 100 hourly simple moving average is also acting as a key resistance near $5,220. More importantly, there is a major bearish trend line forming with resistance near $5,230 on the hourly chart of the BTC/USD pair.

Therefore, the price must break the $5,220 resistance, the trend line, and the 100 hourly SMA. A successful close above $5,250 is likely to start a decent upward move towards the $5,300 level. The next major resistance for the bulls is near the $5,380 level. On the other hand, if there is no upside break, the price may decline below $5,150. An initial support is near the $5,100 level, below which the next stop could be $5,050.


Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly trading near a crucial juncture below $5,220 and $5,250. If the bulls gain control above $5,220 and $5,250, there could be a decent extension towards the $5,380 resistance level. Conversely, a continuous struggle to clear $5,250 is likely to start a fresh decrease towards the $5,100 or $5,050 level in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bullish zone, with a few positive signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD managed to move back above the 50 level.
Major Support Levels – $5,150 followed by $5,100. :)
Major Resistance Levels – $5,200, $5,220 and $5,250. ;)
 
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