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Can buyers of Bitcoin (BTC) hold the rally?



  • The Bitcoin price rose to a crucial uptrend after breaking $ 4,200 against the US dollar.
  • The price rose, breaking resistance levels of $ 4,500 and $ 5,000, before plummeting down to $ 4,900 on the BTC / USD pair's 4-hour chart (Kraken's data feed).
  • The pair remains well supported and buyers are likely to drive the price up to a new 2019 high. [19659005] The Bitcoin Prize last won over $ 5,000 against the US dollar. BTC is following a solid uptrend and is expected to rise towards levels of $ 5,400 and $ 5,600.

    Bitcoin Price Weekly Analysis (BTC)

    Over the past week, Bitcoin had posted a sharp rise after breaking the $ 4,200 resistance against the USD dollar. The BTC / USD pair climbed over many resistance levels including 4,400 USD, 4,600 USD and 4,800 USD. The shoppers were even successful in a break of over $ 5,000, just over the simple moving average of 1

    00 (4 hours). The price was trading above $ 5,200 and a new high of 2019 was made at $ 5,358. Later, the price entered a downward correction trading below $ 5,200 and $ 5,000.

    Below the 50% last-wave Fib Retracement level, the low reached $ 4.128 to $ 5.358. However, the decline was limited and the price found support near the $ 4,750 level. Last week's 50% retracement level from the low of $ 4,128 to the high of $ 5,358 was also a strong support. Recently, the price started to rise again, moving above the resistance levels of $ 5,000 and $ 5,100, which is a positive sign.

    There is a significant ascending channel at the start, with support for $ 4,900 on the BTC / USD pair's 4-hour chart. The pair should continue to rise as it has recently broken the resistance level of $ 5,060. Upwards, the price should break the high of $ 5,358. The next stop could be $ 5,400, above which Bitcoin is likely to rise to a resistance of $ 5,600 in the near future.

     Bitcoin Price Weekly Analysis BTC Chart

    Looking at the chart, the BTC price is clearly trading in a solid uptrend above the $ 4,900 support range. If there is a downward extension of below $ 4,900, the price could revive the support level of $ 4,750. The next big support is $ 4,500, where buyers are likely to take a stand. In short, price movements could occur before the price rises to $ 5,400 or $ 5,600.

    Technical Indicators

    4 hours MACD – The MACD for BTC / USD is close to the bullish zone.

    4 Hour RSI (Relative Strength Index) – The RSI for BTC / USD is well above the level of 55.

    Major Support Level – $ 4,900

    Major Resistance Level – $ 5,400


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