Bitcoin price gained bullish momentum this week and broke the $3,850 resistance. BTC/USD buyers are in control and it seems like there could be steady gains above the $4,000 resistance.
- BTC price surged higher and broke the $3,780 and $3,850 resistance levels.
- There is a short term contracting triangle formed with support at $3,960 on the 30-minute chart.
- The price could correct slightly, but it is likely to extend gains above the $4,000 resistance.
Bitcoin Price Analysis (BTC/USD)
In the past two days, there was a solid rebound in bitcoin, Ethereum, XRP, EOS, BNB, and other altcoins. BTC formed a strong support near $3,700 and later climbed above the $3,780 and $3,850 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of BTC/USD, the pair even broke the $3,900 resistance level and settled above the 25 simple moving average (30-minute). The technical structure turned positive as the price settled above the $3,850 and $3,900 resistance levels.
A new weekly high was formed near the $3,998 level before the price crafted a couple of swing highs such as $3,968 and $3,986. At the outset, there is a short term contracting triangle formed with support at $3,960 on the same chart.
On the downside, there is a strong support formed near $3,960 and the 23.6% Fib retracement level of the recent wave from the $3,813 low to $3,998 high. Besides, the triangle support at $3,960 coincides with the 25 simple moving average (30-minute).
If there is a downside break below the triangle support, the price could test the key $3,900 support area. Any further declines may increase selling pressure and the price could test the $3,850 support.
On the upside, an initial resistance is near the $4,000 level, above which the price is likely to gain momentum above the $4,060 level. The next key resistance is at $4,180 and $4,200.
To sum up, bitcoin price is positioned in an uptrend above the $3,960 and $3,900 support levels. In the short term, there could be a few swing moves, but as long as the price is above $3,900, BTC is likely to grind towards $4,180 or $4,200.
The market data is provided by TradingView, Bitfinex.
The post Bitcoin (BTC) Price Analysis: Buyers In The Driver’s Seat Now, Where is it Heading? appeared first on Blockonomi.
Blockonomi.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
