Bitcoin Price Watch: BTC/USD Could Recover Toward $4,800

Key Factors

  • Bitcoin worth prolonged losses and traded near the $four,000 assist towards the US Greenback.
  • There was a break above a significant bearish development line with resistance at $four,451 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The worth appears to be making ready for an upside correction in direction of the $four,800 stage within the close to time period.

Bitcoin worth declined in direction of $four,000 earlier than patrons appeared towards the US Greenback. BTC/USD may right greater in direction of the $four,750 or $four,800 resistance.

Bitcoin Price Evaluation

Yesterday, we mentioned that bitcoin worth may tumble in direction of the $four,000 assist space towards the US Greenback. The BTC/USD pair did decline additional and traded under the $four,500 and $four,400 assist ranges. The worth fell near the $four,000 stage and a brand new multi month low was shaped at $four,038. Later, the value corrected above $four,200, however it’s nonetheless nicely under the 100 hourly easy transferring common.

The latest upside transfer was constructive because the worth broke the $four,400 resistance. Furthermore, there was a break above a significant bearish development line with resistance at $four,451 on the hourly chart of the BTC/USD pair. The pair even traded above the 50% Fib retracement stage of the latest decline from the $four,763 excessive to $four,038 low. It looks as if the value could right additional in direction of the $four,750 stage within the close to time period. A right away resistance is $four,600 and the 76.four% Fib retracement stage of the latest decline from the $four,763 excessive to $four,038 low. Above $four,600 and $four,750, the value may check the $four,800 resistance.

Wanting on the chart, bitcoin worth appears to be correcting from the $four,038 low. Within the brief time period, there could possibly be a restoration in direction of $four,800, however any additional beneficial properties are prone to be contained under $5,000.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD is again within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI is presently simply above the 50 stage.

Main Help Stage – $four,220

Main Resistance Stage – $four,800

About Tom Greenly

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