Technical Indicators
Support Level – $3,750.
Resistance Level – $3,900.
- BTC price is well supported by the $3,750 support against the US Dollar.
- Bitcoin is probably going to face a little selling pressure around the $3,860 resistance level and the 100 hourly SMA.
- BTC price will be able to rise further only if the buyers are able to break the major resistance around $3900 and the hourly SMA.
BTC price has good support and is trying to recover above $3,800 against the US Dollar. However, Bitcoin still remains at risk of falling as long as it is underneath the $3,900 resistance level.
Bitcoin Price Analysis
After falling underneath the $4,000 support, bitcoin price found support around $3,600 against the US Dollar. The BTC/USD pair began an upside recovery to move over the $3,700 and $3,750 resistance levels. BTC price attempted to break the small resistance around $3,860 but was unable to do so and declined to $3800.
The $3,750 support level is proving to be strong for bitcoin. This support helped bitcoin to move above $3,780 resistance. BTC price is gradually moving higher and it appears as though it could test the key $3900 resistance level which is the major resistance level and the 100 hourly SMA. Over this point, Bitcoin can try to move above $4000 again.
It appears as though there are numerous resistances formed around $3,860, $3,880 and $3,900 levels. To start a bull run again, BTC price must close over the $3900 level and the 100 hourly SMA.
Taking a look at the chart, bitcoin price may maybe keep on struggling to rise as long as it remains underneath $3,900 resistance level. The major support for bitcoin is at $3,750, beneath which there is a danger of more fall down.
