Bitcoin price formed a solid support near the $3,450 level and jumped higher. BTC/USD broke the key $3,515 resistance to move into a positive zone towards $3,600.

  • BTC price started a decent recovery and moved above the $3,515 and $3,540 resistances.
  • The price is following a short term ascending channel with support at $3,540 on the 30-minute chart.
  • Dips remain supported and the price is likely to climb towards the $3,600 resistance.

Bitcoin Price 2019

Bitcoin Price Analysis (BTC/USD)

After a major decline, bitcoin price found bids near the $3,420 and $3,440 levels. BTC/USD formed a strong support base and later started an upward move above the $3,480 resistance level, helping Ethereum, XRP, EOS and other cryptocurrencies as well.

Bitcoin Price Analysis BTC Chart

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair traded as low as $3,422 and later started consolidating near the $3,450 level. Finally, buyers managed to gain strength and pushed the price above the $3,515 and $3,540 resistance levels.

Moreover, there was a close above the $3,515 resistance and the 25 simple moving average (30-minute). The price traded as high as $3,575 and it is currently correcting gains. An initial support is near the $3,540 level and the 25 simple moving average (30-minute).

There is also a short term ascending channel in place with support at $3,540 on the same chart. Below the channel support, the next major support is at $3,515 and the 50% Fib retracement level of the recent wave from the $3,451 low to $3,575 high.


If buyers struggle to keep the price above the $3,515 support, the price may test the $3,500 pivot level and the 61.8% Fib retracement level of the recent wave from the $3,451 low to $3,575 high.

The current price action is positive and it seems like bitcoin price may continue to move higher above $3,575. The next major resistance for BTC buyers is near the $3,600 level, above which the price is likely to accelerate towards $3,650. On the downside, the main supports are $3,515 and $3,500, below which the price might move back in a bearish zone.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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