Bitcoin price is grinding higher towards the $4,150 resistance. BTC/USD bulls remain in action and eyeing an upside break above $4,200 and $4,250 in the near term.
- BTC price formed a strong support at $4,040 and traded above the $4,100 resistance.
- There is a major ascending channel in place with support at $4,100 on the 30-minute chart.
- Bulls are in control and it seems like they are eyeing fresh monthly highs above $4,150.
Bitcoin Price Analysis (BTC/USD)
The past three sessions were positive, with bullish moves in bitcoin, Ethereum, ripple, EOS, ONT, LTC, and other altcoins. BTC started a decent upward move after it broke the $4,060 and $4,080 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of BTC/USD, the pair formed a strong support at $4,040 and later started a fresh increase. The price gained traction above the $4,080 resistance and cleared the $4,100 pivot level.
The recent rise was constructive since there was a close above $4,100 and the 25 simple moving average (30-minute). The price traded close the $4,150 resistance and formed a high at $4,142 before starting a downside correction.
The price dipped below the $4,120 level and the 23.6% Fib retracement level of the recent wave from the $4,078 low to $4,142 high. However, the $4,110 level acted as a decent support along with the 25 simple moving average (30-minute).
Moreover, the 50% Fib retracement level of the recent wave from the $4,078 low to $4,142 high also acted as a strong support. At the outset, the price seems to be following a major ascending channel with support at $4,100 on the same chart.
There may be another dip, but the $4,100 and $4,110 levels are likely to hold losses. The main goal for buyers could be $4,150 and a fresh monthly high. A successful break above $4,150 resistance level could push the price towards the $4,200 and $4,250 levels.
Overall, bitcoin price is trading in a steady uptrend with positive signs above the $4,100 support. Therefore, there are high chances of more upsides in BTC above $4,150 and $4,200 in the coming sessions.
The market data is provided by TradingView, Bitfinex.