Support Level – $3,900
Resistance Level – $4,000
- Bitcoin price is very strongly supported on the drawback close to the $3,900 against the US Dollar.
- The price is probably going to grow massively over the $4,000 resistance level.
- There is a bullish pattern line formed with support at $3,900 on the hourly chart of the BTC/USD.
- BTC might fall a few points, however, the buying pressure is massive and is probably going to stop any declines under $3,850.
Bitcoin price is all set to break above $4,000 against the US Dollar. BTC could increase bullish force towards $4,200 in the event that it outperforms the $4,000 resistance.
Bitcoin Price Analysis
Bitcoin price went a little downwards yesterday from the $3,975 swing high against the US Dollar. The BTC/USD pair traded underneath the $3,900 support level, however, strong support was formed close to the $3,860 level. Afterward, it began a crisp upward move. There was a break over a bearish pattern line at $3,900 on the hourly chart of the BTC/USD pair.
The pair settled over the $3,920 level and traded near the $3,950 resistance. Bitcoin price is at present merging underneath $3,950, with a bullish edge. The present price activity is sure and it appears there could be more increases above $3,950 and $4000 in short term. An effective break over the $4,000 resistance is a must for an upside spike. The next resistance is around $4,200.
On the downside, the support is around $3,900 level. There is a bullish pattern line formed with support at $3,900. If bitcoin price falls underneath the pattern line, it could test the $3,860 and $3,830 support levels. The last support is at $3,800 and the 100 hourly SMA. Beneath the 100 hourly SMA, the price could decrease towards $3,720.
Taking a look at the chart, bitcoin price is in a bullish momentum over the $3,900 and $3,860 supports. Along these lines, there are high odds of more upsides over the $3,975 and $4,000 resistance. Buyers could go for $4,200 in short term if there is an hourly close over the $4,000 level.