Technical Indicators:
Support Level: $5150
Resistance Level: $5200
Key Points:
- Bitcoin price was able to break above $5100 resistance level after falling up to $4900 lately.
- BTC is currently facing a lot of resistance around $5200.
- A bearish pattern is being formed with resistance between $5200 and $5230 on the hourly chart.
- There are chances of BTC to spike upwards or crash downwards in the near term.
Bitcoin Price Analysis:
Summary: Bitcoin price is currently facing massive resistance around $5200. BTC is most likely spike upwards if it is able to break above $5200 resistance and 100 hourly SMA or else there are chances of sharp declines in the short term.
Last week, Bitcoin price crashed downwards below the major support levels which were $5200, $5050 and $5000. BTC even tested the $4900 level before correcting upwards. BTC was able to recover above $5000 and $5050 resistance levels. Buyers were able to push the price above $5100 resistance level. However, there is a strong resistance formed around $5200 which might push the price back downwards. Currently, the support level and resistance levels are very closeby which might result in a sudden move in the BTC price.
Bitcoin price might crash downwards sharply if it is not able to close above $5200 resistance and the 100 hourly SMA in the short term. There is also a major bearish pattern being formed with resistance between $5200 and $5230 on the hourly chart. If BTC is able to break above this region, there might be chances of further gains. The current support lies at $5150 below which Bitcoin will test $5100 support level.
The chart shows that Bitcoin price is currently trading in a very crucial region where there are chances of sudden moves. A close above $5200 will result in Bitcoin price testing $5400 resistance level, however, a crash below $5100 might result in BTC moving towards $5000 or even $4900.
