Technical Indicators:
Support Level: $3800
Resistance Level: $4000
Key Points:
- Bitcoin price is gradually moving upwards and is well supported at $3800.
- The price corrected downwards, however, the support around $3800 is quite strong to avoid losses.
- Bitcoin price will most likely break the $4000 resistance soon and test the next resistance around $4200.
- Bitcoin price is moving higher in comparison with the US dollar. If the buying pressure keeps on increasing, bitcoin will soon move towards the $4200 level in the short term.
Bitcoin Price Analysis
Bitcoin price climbed up rapidly this week breaking the $3800 resistance and 100 hourly SMA which has now turned as the major support level. BTC faced a major resistance around $3900 which led to the price correction downwards. The $3800 support was broken but the price soon recovered and avoided further losses.
The buying pressure was increased around $3750 which led to the price moving above $3800 soon. Bitcoin even broke the $3900 resistance level and the 100 hourly SMA. Bitcoin is currently well situated above $3900 and could soon test the $4000 resistance level in order to move above this range. There are many supports on the downside around $3880, $3850 and $3800.
The chart shows that BTC price is currently in a bullish trend against the US dollar and is well supported on the downside. The most crucial support is $3800. Bitcoin must break the $4000 resistance in order to keep up with the bullish pace. Bitcoin might test $4200 resistance after breaking the current resistance soon.
