Bitcoin Price Watch: BTC Likely Preparing For Bullish Ride
There is a short term triangle forming with resistance at $4,045 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price may continue to move higher towards $4,250 if there is a clear break above $4,080.
Bitcoin price is gaining bullish momentum above $4,000 against the US Dollar. BTC remains supported on dips and it may soon climb above the $4,150 and $4,200 resistances.
Bitcoin Price Analysis
Yesterday, we discussed the key support at $3,940 for bitcoin price against the US Dollar. The BTC/USD pair stayed above the mentioned support and it slowly moved above $3,965 and $3,980. Buyers pushed the price above the $4,000 level. There was a break above the 23.6% Fib retracement level of the last drop from the $4,114 swing high to $3,965 swing low. It opened the doors for more gains above $4,050 and the price is now well above the 100 hourly simple moving average.
An initial resistance is near the $4,040 level. It represents the 50% Fib retracement level of the last drop from the $4,114 swing high to $3,965 swing low. More importantly, there is a short term triangle forming with resistance at $4,045 on the hourly chart of the BTC/USD pair. Therefore, a break above the triangle and $4,050 may open the doors for more gains in the near term. The next resistance is at $4,085, above which the price may climb towards the $4,150 and $4,200 levels. An intermediate resistance is the 1.236 Fib extension level of the last drop near $4,140.
Looking at the chart, bitcoin price is trading with a bullish tone above the $3,965 support. If there is a downside reaction below $3,965, the price may decline towards the $3,940 and $3,920 support levels. The main support below $3,920 is at $3,860.
Hourly MACD The MACD for BTC/USD is slowly gaining pace in the bullish zone, with a positive bias.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now above the 55 level, with a bullish angle.
Major Support Level $3,965
Major Resistance Level $4,085
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