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- The price of bitcoins was an important support close to $ 3,345 and strongly increased against the US dollar.
- There was a break above a crucial downtrend line with resistance at USD3,380 on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
- The pair rebounded above resistance levels of $ 3,400 and $ 3,500 to enter a bullish zone.
The price of bitcoin has recently jumped above the $ 3,550 mark against the US dollar. BTC / USD could continue to grow to resistance levels of $ 3,800 and $ 4,000 in the near term.
Bitcoin price badysis
Last week, the bitcoin price retested support levels of $ 3,345 and $ 3,320 against the US dollar. The BTC / USD pair was a solid base near the US $ 3,345 level and then began a strong upward movement. Buyers pushed the price above many resistances, such as $ 3,380, $ 3,400, $ 3,460, $ 3,500 and $ 3,600. There was even a fence above the $ 3,500 resistance and the single moving average (4 hours). Clearly, a support base had been created for a much needed recovery of over $ 3,700.
During the rise, there was a break above a crucial downtrend line with resistance at $ 3,380 on the 4-hour chart of the BTC / USD pair. The pair has exceeded the levels of $ 3,600 and $ 3,700. A maximum was formed at $ 3,745 and later the price adjusted downward. It traded below the Fib retracement level of 23.6% from the last wave, dropping from a low of $ 3,346 to a high of $ 3,745. However, there are many downside supports, starting with $ 3,575. The next major support is close to the $ 3,550 level. It represents the Fib retracement level of 50% of the last wave, from 3,346 USD to 3,745 USD.
Looking at the chart, the price of the BTC clearly forms a consolidation scheme higher than the support of $ 3,575. There may be some changes, but later the price could still exceed $ 3,750. The next key stops for buyers could be $ 3,800, $ 3,880 and $ 4,000 in the coming days.
Technical indicators
MACD 4 hours – The MACD for BTC / USD is currently reducing its upward slope.
RSI (Relative Strength Index) 4 hours – RSI for BTC / USD is currently well above level 70.
Major Support Level – $ 3,550
Major resistance level – $ 3,750
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