Bitcoin price tested the $4,000 support recently and recovered later. BTC/USD is slowly moving higher and it could soon break the $4,200 and $4,300 resistances.

  • BTC price is trading nicely above the $4,050 support area, with a bullish angle.
  • A declining channel is in place with resistance at $4,120 on the 30-minute chart.
  • The price is likely to clear the $4,200 and $4,300 resistance levels in the near term.

Bitcoin Price 2019

Bitcoin Price Analysis

Recently, there was a downside correction from the $4,215 swing high in bitcoin price. However, BTC/USD found support near the $4,050 level and later recovered. Similarly, altcoins like Ethereum, ripple and EOS are trading above key supports and they may extend gains.

Bitcoin Price Analysis BTC Chart

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair traded towards the $4,000 support recently and formed a low at $4,010. Later, the price recovered nicely and settled above the $4,050 support area.

The price traded above the 61.8% Fib retracement level of the recent decline from the $4,168 high to $4,010 low. Buyers were successful in pushing the price above the $4,080 resistance and the 25 simple moving average (30-minute).


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At the outset, the price is trading near the $4,110 level. On the upside, there are many hurdles near the $4,120 and $4,140 levels. The 76.4% Fib retracement level of the recent decline from the $4,168 high to $4,010 low is also near the $4,131 level.

More importantly, there is a declining channel in place with resistance at $4,120 on the same chart. If there is an upside break above the channel and $4,140, the price may accelerate towards the $4,180 and $4,200 resistance levels.

On the other hand, if there is a downside correction, the $4,080 level and the 25 simple moving average (30-minute) are likely to act as supports. Below $4,080, the price may perhaps accelerate towards the $4,050 support area.

Overall, bitcoin price is trading with a bullish tone above the $4,050 support. Therefore, there are high chances of an upside break above $4,200 in BTC/USD in the near term.

The market data is provided by TradingView, Bitfinex.


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Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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One Comment

  1. Avatar

    OMG … Is it so unbelievable
    that Trump really could spur a very huge Bitcoin rally?

    https://thecryptosight.com/will-trumps-policies-provide-fuel-for-the-next-bitcoin-rally/

    Reply

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