Can Bitcoin Buyers (BTC) continue the rally?

• The price of bitcoin rose in a crucial uptrend after breaking the $ 4,200 resistance against the US dollar.
• The price climbed and surpassed the resistance of $ 4,500 and $ 5,000 before starting a downward correction.
• There is a significant upstream channel formed with $ 4,900 support on the four-hour chart of the BTC / USD pair (Kraken data feed).
• The pair remains well supported on the lows and buyers are likely to push the price to a new high of 2019.

The price of bitcoins has recently gained momentum above $ 5,000 against the US dollar. BTC follows a strong upward trend and is expected to reach levels of $ 5,400 and $ 5,600.

Bitcoin Price Weekly Analysis (BTC)

Last week, Bitcoin started a sharp rise after breaking the US $ 4,200 resistance against the US dollar. The BTC / USD pair has surpassed many resistance levels, including $ 4,400, $ 4,600 and $ 4,800. Buyers have even had success with a break greater than $ 5,000, plus a close above the simple moving average (4 hours). The course has traded above the $ 5,200 level and a new high for 2019 has been formed at $ 5,358. Later, the price began a downward correction and traded between $ 5,200 and $ 5,000.

There was a break below the Fib retracement level of 50% of the last wave, from $ 4,128 to $ 5,358. However, the decline was limited and the price found support close to the $ 4,750 level. The 50% Fib retracement level of the last wave, which went from $ 4,128 to $ 5,358, was also a strong support. Recently, the price has started a new rise and has risen above the resistance levels of $ 5,000 to $ 5,100, which is a positive sign.

Initially, there is an important rising channel formed with $ 4,900 support on the 4-hour BTC / USD chart. The pair is expected to continue to rise as it recently broke through the $ 5,060 level of resistance. At the top, the price is likely to break the $ 5,358 high. The next judgment could amount to $ 5,400, beyond which Bitcoin is expected to rise to $ 5,600 to reach the level of resistance in the short term.

Looking at the chart, the BTC price clearly fits in a bullish trend higher than the $ 4,900 support zone. If there is an extension below $ 4,900, the price could return to the support level of $ 4,750. The next major support is $ 4,500, where buyers are likely to take a stand. In the short term, there may be range variations before the price rises to $ 5,400 or $ 5,600.

Technical indicators

4 hours MACD – The MACD for BTC / USD is about to go into bullish zone.

RSI (Relative Strength Index) 4 hours – RSI for BTC / USD is well above level 55.

Major Support Level – $ 4,900

Major resistance level – $ 5,400