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Bitcoin price is consolidating above the $3,900 support and below $4,000 resistance. BTC/USD could start a solid upward move if it clears the $3,970 and $4,000 resistances.

  • BTC price declined recently and tested the $3,900 support level.
  • There is a key contracting triangle in place with resistance at $3,960 on the 30-minute chart.
  • The price is likely to climb higher as long as the $3,925 and $3,900 supports are intact.

Bitcoin Price BTC

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Bitcoin Price Analysis (BTC/USD)

Recently, there was a downside reaction in Bitcoin, Ethereum, Ripple XRP, EOS, BNB, XLM, and other altcoins. BTC failed to gain strength above $4,000 and declined below the $3,950 and $3,925 support before buyers emerged near the $3,900 support.

Bitcoin Price Analysis BTC Chart

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair traded as low as $3,895 and recently corrected above the $3,925 and $3,940 resistance levels. A swing high was formed at $3,979 and the price trimmed gains below $3,960.

It broke the $3,950 support and the 25 simple moving average (30-minute). Besides, there was a break below the 50% Fib retracement level of the recent wave from the $3,895 low to $3,979 high.

However, the decline was protected by the $3,925 support area. The 61.8% Fib retracement level of the recent wave from the $3,895 low to $3,979 high also acted as a support. At the moment, the price is trading sideways above $3,925 and it seems to be preparing for the next move.

There is also a key contracting triangle in place with resistance at $3,960 on the same chart. Should bitcoin break the triangle resistance, the price could climb towards the $4,000 and $4,020 resistance levels.

On the other hand, if there is a downside break, the price could retest the $3,925 or $3,900 support before starting a fresh upward move. Overall, BTC is trading with a positive bias and it could break the $3,960 and $4,000 resistance levels. Having said that, a break below the $3,895 low may negate the bullish view and the price could drop towards $3,800 or $3,760.

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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