- The Bitcoin price is currently consolidating above the US dollar base of $ 3,940.
- The price is expected to be over $ 4,000 as long as it is above support of $ 3,940.
- There is a bearish trend line with resistance at $ 3,980 on the BTC / USD pair hourly data (Kraken data feed).
- The pair could accelerate gains as soon as there is a $ 4,000 ending and the 100-hour SMA.
Bitcoin Prize Preparing for the next break against the US dollar. BTC is likely to climb above $ 4,000 if buyers can not defend support levels of $ 3,960 and $ 3,940, respectively.
Bitcoin Price Analysis
Recently, the Bitcoin price recovered well after trading at $ 3,872 against the US dollar. The BTC / USD rallied, hovering above the resistance of $ 3,940 and $ 3,960. However, the $ 4,000 mark was a strong drag and prevented further gains. A swing high was formed near $ 3,999 and the price later dropped lower. There was a fall below the $ 3,980 and last wave's 23.6% fib retracement level from $ 3,872 to $ 3,999.
However, the important support of $ 3,940 served as a strong barrier for sellers. The price found support just over $ 3,940 and last week's 50% retracement level from $ 3,872 to $ 3,999. It is currently trading higher, trading near resistance of $ 3,980. There is also an important bearish trend line on the BTC / USD hourly chart, with resistance standing at $ 3,980. Above the trend line, the 1
Therefore, a breakthrough above the trend line, the 100-hour SMA, and $ 4,000 is required for buyers to gain control. Above $ 4,000, the next key resistance is close to $ 4,020, above which the price is likely to test the resistance of $ 4,045. A disadvantage is $ 3,960. However, the main support is close to $ 3,940, which can still lead to losses.
Looking at the chart, the bitcoin price consolidates well above the support level of $ 3.940. As long as the price is above $ 3,940, there is a chance that the profit will rise above $ 3,980 and $ 4,000. To achieve an uptrend, a clear break above the pivotal level of $ 4,020 is needed. On the downside, closing down $ 3,940 could accelerate losses towards $ 3,900 and $ 3,875 levels.
Hourly MACD – The MACD is currently moving slowly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently above the 50 level with positive signs.
Key Support Levels – $ 3,960, followed by $ 3,940.
High Resistance Levels – $ 3,980, $ 4,000 and $ 4,020.