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 Bull Run

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.

Bitcoin Price Analysis BTC Chart

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.


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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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