Technical Indicators:
Support Level: $5250
Resistance Level: $5400
Key Points:
- Bitcoin price was able to gain bullish force and move over the $5200 resistance level.
- BTC was even able to break above $5300 resistance level to move into a positive zone.
- Bitcoin price was able to break over the bearish pattern which was being formed with resistance around $5150 on the hourly chart.
- BTC is currently testing the resistance between $5380 and $5400 in order to move ahead.
Bitcoin Price Analysis:
Summary: Bitcoin price was able to turn bullish after breaking through $5200 and $5300 resistance levels. BTC is back in a positive zone and is moving ahead to test $5400 resistance in order to rise further.
Bitcoin price fell down sharply in the last few days below the $5150 resistance level. However, it was able to gain momentum yesterday and although it was tough, BTC was able to break above $5150 and $5200 resistance levels in order to move into a positive zone. The bearish pattern which was formed yesterday with resistance around $5150 was also broken as BTC moved above $5200.
Buyers were able to push the price above $5300 level and a weekly high was formed around $5340. BTC is currently correcting downwards, however, it remains well supported above $5300. If Bitcoin price falls below the support between $5300 and $5280, it might test $5200 and $5150 levels again. However, a close above $5400 might result in sharp surge over to $5500 level. The current support lies at $5200 and the major support lies at $5150 and 100 hourly SMA.
The chart shows that bitcoin price is trading with a bullish momentum after breaking and settling well above $5200 and the 100 hourly SMA. BTC could correct downwards in the short term, however, it remains well support at $5250 and $5200 levels. Bitcoin price will most likely test the $5400 resistance level soon.
