Support Level – $3,750
Resistance Level – $3,900
- BTC price declined underneath the $3,750 support against the US Dollar.
- The price started correction again from the $3,650 support and broke the resistance formed around $3,750.
- There was a break over a bearish pattern line that was formed with resistance at $3,785 on the hourly chart of the BTC/USD.
- BTC price is probably going to increase bullish momentum over the $3,900 resistance level.
BTC price fell underneath $3,700 and later corrected upwards against the US Dollar. Bitcoin chart is predicting bullish momentum and it could ascend towards $4,000 in the short term.
BTC Price Analysis
BTC price broke the $3,750 support and declined beneath the $3,700 level. There was a sharp descending move and the price tested the $3,650 support. BTC price went to a weekly low of $3,653 and later the price corrected upwards. The buying pressure was good and could push the price over the $3,750 and $3,760 resistance levels.
There was a break over a bearish pattern line which was formed with resistance at $3,785 on the hourly chart of the BTC/USD. BTC price is right now trading over the 76.4% Fib retracement level of the ongoing fall from the $3,827 high to $3,653 low. A slight resistance is formed at $3,830 and the 100 hourly SMA.
In the event that there is a break over the 100 hourly SMA, the price could move towards the $3,900 resistance. An effective close above $3,900 will no doubt set the tone for a rally towards the $4,000 resistance. In the referenced case, the price may even move above $4,050. Then again, an underlying support is at $3,750, underneath which the price could test $3,700.
Taking a look at the chart, BTC price is gradually moving into the positive zone above $3,800. Be that as it may, it must pick up force over the $3,860 and $3,900 resistances to climb further higher. For the time being, there could be extend moves before the price makes the following move either above $3,900 or plunge back to $3,700.