Support Levels: $5120, $5050
Resistance Levels: $5200, $5250
- Bitcoin price crashed below $5000 support level recently.
- The support around $4920 proved strong enough to stop further losses and BTC started to recover after testing this support range.
- Bitcoin price was able to break through the bearish pattern which was formed with resistance around $5100 on the hourly chart.
- BTC is currently trading in an upward momentum above the 100 hourly SMA.
Bitcoin Price Analysis:
Summary: Bitcoin price was able to recover after falling up to $4920 recently. BTC is currently trading nicely and might soon test $5200 resistance level.
Last week, bitcoin corrected downwards sharply falling below $5000 support level and tested the $4920 support. After this, bitcoin started a fresh upward move and moved over $5000 and $5100 resistance levels. The buying pressure even moved BTC above $5150 and the 10 hourly SMA.
Bitcoin price was able to break through the bearish pattern line which was formed with resistance around $5100 on the hourly chart. Currently, bitcoin is trading in a positive momentum above the 100 hourly SMA and might soon test the $5200 resistance level. However, it is very essential for BTC to maintain its position above $5100 and $5000 for a long time in order to be perfectly bullish.
The chart shows that bitcoin recovered nicely and moved into a bullish zone above $5100 and the 100 hourly SMA. The current resistance lies around $5200 above which bitcoin could test $5250 and $5300 levels. On the downside, the initial support is at $5120 and $5050 below which it might turn bearish again.