- Bitcoin price is attempting a fresh increase from the $38,500 zone against the US Dollar.
- The price is now trading above $41,000 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $40,500 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $43,800 resistance zone.
Bitcoin price is rising from $38,500 against the US Dollar. BTC might eye another increase if the bulls remain active above the $42,000 zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline after it failed to clear the $49,000 resistance. BTC declined below the $45,500 and $44,000 support levels to enter a short-term bearish zone.
There was also a move below the $41,200 level. A low was formed near $38,501 and the price is now attempting a fresh increase. The bulls were able to push the price above the $41,000 level. The price is now above the 23.6% Fib retracement level of the downward wave from the $49,102 swing high to the $38,501 low.
There was a break above a key bearish trend line with resistance near $40,500 on the 4-hour chart of the BTC/USD pair. Bitcoin price is now trading above $42,000 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $43,800 level or the 50% Fib retracement level of the downward wave from the $49,102 swing high to the $38,501 low. The next major resistance might be near the $45,000 zone. A clear move above the $45,000 resistance level might send the price toward $46,600.
Any more gains might push the price toward the $47,350 zone. If there is no upside break, the price might start a fresh decline below the $41,200 level.
The first major support is $40,500. The next key support is near the $40,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $38,500 level.
Looking at the chart, Bitcoin’s price is trading above $41,200 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $43,800 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $41,200 and $40,500.
Key Resistance Levels – $43,800, $45,000, and $46,600.
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