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 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.
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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.