Bitcoin Price Watch: BTC/USD Could Recover Toward $4,800

Key Points

  • Bitcoin price extended losses and traded close to the $4,000 support against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $4,451 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price seems to be preparing for an upside correction towards the $4,800 level in the near term.

Bitcoin price declined towards $4,000 before buyers appeared against the US Dollar. BTC/USD could correct higher towards the $4,750 or $4,800 resistance.

Bitcoin Price Analysis

Yesterday, we discussed that bitcoin price could tumble towards the $4,000 support area against the US Dollar. The BTC/USD pair did decline further and traded below the $4,500 and $4,400 support levels. The price fell close to the $4,000 level and a new multi month low was formed at $4,038. Later, the price corrected above $4,200, but it is still well below the 100 hourly simple moving average.

The recent upside move was positive since the price broke the $4,400 resistance. Moreover, there was a break above a major bearish trend line with resistance at $4,451 on the hourly chart of the BTC/USD pair. The pair even traded above the 50% Fib retracement level of the recent decline from the $4,763 high to $4,038 low. It seems like the price may correct further towards the $4,750 level in the near term. An immediate resistance is $4,600 and the 76.4% Fib retracement level of the recent decline from the $4,763 high to $4,038 low. Above $4,600 and $4,750, the price could test the $4,800 resistance.

Looking at the chart, bitcoin price seems to be correcting from the $4,038 low. In the short term, there could be a recovery towards $4,800, but any further gains are likely to be contained below $5,000.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently just above the 50 level.

Major Support Level – $4,220

Major Resistance Level – $4,800

Author: Aayush Jindal

Source link

Related posts

24 Thoughts to “Bitcoin Price Watch: BTC/USD Could Recover Toward $4,800”

  1. Dustin Kaemmerer

    I am definitely bookmarking this website and sharing it with my acquaintances. You will be getting plenty of visitors to your website from me!

  2. Brittani Boulay

    Really good site, thank you very much for your effort in writing this post.

  3. gamefly free trial

    Generally I do not learn post on blogs, but I wish to say that
    this write-up very pressured me to take a look at and do so!

    Your writing taste has been surprised me. Thanks, quite great article.

  4. gamefly free trial

    I’ve been surfing online greater than 3 hours today,
    but I never discovered any interesting article like yours. It’s lovely
    price enough for me. In my opinion, if all web owners and bloggers made good content material as you did, the
    net will probably be much more helpful than ever before.

  5. gamefly free trial

    Howdy, i read your blog from time to time and i own a similar one
    and i was just wondering if you get a lot of spam remarks?
    If so how do you reduce it, any plugin or anything you can suggest?

    I get so much lately it’s driving me insane so any assistance is very much appreciated.

  6. gamefly free trial

    I enjoy, lead to I discovered exactly what I was looking for.
    You’ve ended my 4 day long hunt! God Bless you man. Have a great day.

  7. plenty of fish dating site

    Nice weblog right here! Additionally your website quite
    a bit up very fast! What host are you using?
    Can I get your affiliate hyperlink in your host? I want my
    site loaded up as quickly as yours lol

  8. natalielise

    Your means of describing all in this article is in fact nice, all be
    capable of effortlessly know it, Thanks a lot. natalielise plenty of fish

  9. plenty of fish

    Fabulous, what a web site it is! This website gives valuable facts to us,
    keep it up.

  10. minecraft games

    I’ll right away clutch your rss as I can’t find your e-mail subscription hyperlink or newsletter service.
    Do you’ve any? Please let me know so that I may subscribe.

  11. quest bars cheap

    I really like what you guys are up too. This sort
    of clever work and reporting! Keep up the awesome works
    guys I’ve incorporated you guys to my personal

  12. cad

    … [Trackback]

    […] Read More here on that Topic: […]

  13. Cyber security in banking

    … [Trackback]

    […] Find More to that Topic: […]

  14. API virtualization tools

    … [Trackback]

    […] Information to that Topic: […]

  15. retail experience solutions

    … [Trackback]

    […] Find More here to that Topic: […]

  16. joja87

    … [Trackback]

    […] Read More Info here on that Topic: […]

  17. สล็อตแตกง่าย

    … [Trackback]

    […] There you can find 77884 more Information on that Topic: […]

  18. hop over to this web-site

    … [Trackback]

    […] Read More Info here to that Topic: […]

  19. สล็อตวอเลท

    … [Trackback]

    […] Read More to that Topic: […]

  20. cvv sites

    … [Trackback]

    […] Info to that Topic: […]

  21. sbo

    … [Trackback]

    […] Info on that Topic: […]

  22. lemon tek minutes,

    … [Trackback]

    […] Read More Info here on that Topic: […]

  23. sbobet

    … [Trackback]

    […] Find More Info here on that Topic: […]

  24. บาคาร่าเว็บตรง

    … [Trackback]

    […] Info on that Topic: […]

Leave a Comment