Bitcoin Price Watch: BTC Buyers Not Out of Woods Yet

  • Bitcoin price remained well bid near the $3,980 and $3,940 supports against the US Dollar.
  • Yesterday’s highlighted key bullish trend line is intact with support at $3,990 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price may dip a few points towards $3,950 before making another attempt to clear $4,100.

Bitcoin price traded to a new weekly high above $4,100 against the US Dollar. BTC is correcting lower, but dips remain supported above $3,940 in the near term.

Bitcoin Price Analysis

Yesterday, we discussed about a couple of important supports near $3,940 for bitcoin price against the US Dollar. The BTC/USD pair did correct lower recently, but it found support near $3,940. Later, the price recovered nicely above $4,000 and the $4,050 levels. Buyers even breached the last swing high at $4,084 and a new weekly high was formed at $4,113. However, buyers failed to retain strength, resulting in a drop below $4,080.

The price even broke the $4,000 support and traded close to the $3,950 level. A swing low was formed at $3,966 and the price stayed above the 100 hourly simple moving average. More importantly, yesterday’s highlighted key bullish trend line is intact with support at $3,990 on the hourly chart of the BTC/USD pair. The pair is now trading above the 23.6% Fib retracement level of the recent decline from the $4,113 high to $3,966 low. The current price action is slightly bearish below $4,050. Therefore, there is a risk of a dip towards the $3,950 support to fill buy orders. On the upside, a break above the $4,040 and $4,050 is needed for more gains. Besides, the 50% Fib retracement level of the recent decline from the $4,113 high to $3,966 low is at $4,040.

Looking at the chart, bitcoin price is well supported above the $3,940. Having said that, a break above the $4,040 and $4,080 levels is needed for more gains.

Technical indicators

Hourly MACD – The MACD for BTC/USD is about to move back in the bearish zone, with a negative bias.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD just dipped below the 50 level, with a bearish angle.

Major Support Level – $3,940

Major Resistance Level – $4,080

Author: Aayush Jindal

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