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Bitcoin (BTC) Price Watch: Rally breaks, but is probably not over



  • The Bitcoin price went higher in the direction of the $ 4,040 exchange rate before easing against the US dollar.
  • The price dropped below $ 4,000 and tested the important support area of ​​$ 3,940.
  • There has recently been a break above a downtrend trendline with a resistance of $ 3,970 on the BTC / USD pair hourly data (Kraken data feed).
  • The pair is currently lower, but is well supported near $ 3,940 and 3,920.

Bitcoin price correction gains last $ 4,000 against the US dollar. BTC could recover as long as it is above the pivot range of $ 3,900 in the upcoming sessions.

Bitcoin Price Analysis

In the weekly analysis, we saw a bullish trend over US $ 4,000 against the US dollar. The BTC / USD pair even broke the $ 4,020 level, heading for the $ 4,040 level. A high was formed at $ 4,041

and later the price was corrected below $ 4,020. Sellers have pushed the price below the $ 4,000 and $ 3,980 levels. Below the 50% retracement level of the last leg, the stock plunged from $ 3.884 to $ 4.041. However, the $ 3.940 price was a strong support and the price remained well above the 100-hour simple moving average. The 61.8% Fib retracement level of the last leg from the low of $ 3,884 to the high of $ 4,041 also acted as support. Later, the price recovered again over $ 3,960. There was also a break above a connecting bearish trendline with a resistance of $ 3,970 on the BTC / USD hourly hourly chart. The pair rose above the $ 4,000 mark but could not make any gains.

It is currently sinking towards the support level of $ 3,940, where buyers are likely to emerge. If there are further losses, the price could find strong support near the value of $ 3,920 and the 100-hour SMA. The next major support is $ 3,900, which was previously a crucial drag. On the upside, an initial resistance is $ 3,980 and $ 4,000. A successful close above the $ 4,000 mark could open the door to further gains above the 4.040 and 4.050 levels.

 Bitcoin Price Analysis BTC Chart

Looking at the graph, the Bitcoin price is hard to survive the $ 4,000 mark, but dips continue to be well-supported. But if the price does not stay above $ 3,920 and $ 3,900, he could move back into a bearish zone. The next major support is near the $ 3,850 level.

Technical Indicators:

Hourly MACD – The MACD is about to move back into the bear market.

Hourly RSI (Relative Strength Index) – The RSI for BTC / The USD recently fell below the 50 mark and hit a bearish angle.

Key Support Levels: $ 3,940, followed by $ 3,920.

High Resistance Levels: $ 3,980, $ 4,000 and $ 4,040.


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