Bitcoin Price Watch: BTC/USD Turned Short Term Bullish

Key Factors

  • Bitcoin value climbed greater and broke the $four,080 and $four,200 resistance ranges in opposition to the US Greenback.
  • There’s a quick time period bullish pattern line fashioned with help at $four,050 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The value is at the moment buying and selling properly above the earlier resistance (now help) at $four,080.

Bitcoin value made just a few good bullish strikes above $four,000 in opposition to the US Greenback. BTC/USD should keep above the $four,050 and $four,000 helps to renew its upward transfer.

Bitcoin Price Evaluation

Yesterday, we noticed an honest rise in bitcoin value above the $three,800 and $four,000 resistances in opposition to the US Greenback. The BTC/USD pair examined the $four,080 and later corrected decrease. Lastly, there was a recent upward transfer and the value broke the $four,080 resistance. The value climbed additional greater and traded above the $four,200 and $four,260 ranges. A brand new intraday excessive was fashioned at $four,400 and the value settled above the 100 hourly easy transferring common.

Later, the value corrected decrease and traded beneath the $four,200 degree. There was a break beneath the 23.6% Fib retracement degree of the final wave from the $three,563 low to $four,400 excessive. Nonetheless, there are first rate helps fashioned close to the $four,080 and $four,050 ranges. There may be additionally a brief time period bullish pattern line fashioned with help at $four,050 on the hourly chart of the BTC/USD pair. Beneath the pattern line, the subsequent help is at 50% Fib retracement degree of the final wave from the $three,563 low to $four,400 excessive.

Wanting on the chart, bitcoin value stays nicely supported above the $four,000 deal with. So long as the value is above the 100 hourly SMA, there could possibly be extra features above the $four,260 and $four,400 ranges. On the draw back, the primary helps are at $four,080, $four,050 and $three,880.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD is barely positioned within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI is at the moment simply above the 55 degree.

Main Help Stage – $four,050

Main Resistance Stage – $four,400

About Tom Greenly

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