- 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
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.
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.
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.