Technical Indicators:
Support Levels: $5200, $5150
Resistance Levels: $5350, $5400, $5500
Key Points:
- Bitcoin price is currently trading well above $5200 support level.
- BTC is gaining momentum and trying to move over the $5350 resistance zone.
- A bullish pattern is being formed with support around $5200 on the hourly chart.
- Bitcoin price is currently in a bullish momentum and might move towards $5400 and $5500 resistance levels soon.
Bitcoin Price Analysis:
Summary: Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.
This week, bitcoin price maintained a slow bullish pace after rising over $5100 level. BTC was able to maintain its position above $5100 and $5200 support levels after breaking through the major resistance around $5200. BTC was able to close over the 100 hourly SMA. After falling up to $5190, bitcoin price was able to recover sharply to over $5300.
Bitcoin price spiked up to $5365 before correcting downwards. The support around $5250 proved strong enough to stop further declines and BTC was able to maintain its position above the 100 hourly SMA. Also, a bullish pattern is being formed with support around $5200 on the hourly chart.
BTC will most probably experience some dips, however, it remains strong support around $5200. The current target for bitcoin is $5350 above which it might test $5400 and $5500 resistance levels.
The chart shows that bitcoin price is currently trading with a bullish force above the $5200 support level. Until BTC remains above this support, there are high chances of BTC testing the $5400 and $5500 resistance levels. However, if the support level is broken, Bitcoin might fall down to $5150 and $5100 supports.
