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- Bitcoin prices remained well above the $ 5,200 and $ 5,160 levels against the US dollar.
- The price climbs slowly and could well exceed the $ 5,350 level.
- An important upstream channel is in place with USD5,210 support on the BTC / USD time chart (data feed from Kraken).
- The pair is trading well in an uptrend and it could continue to climb to 5,400 and 5,500 dollars.
Bitcoin prices remained well below US $ 5,200 against the US dollar. BTC is trading well in an uptrend and it looks like the bulls are targeting $ 5,400 or even $ 5,500.
Bitcoin price badysis
Over the last three days, we have seen a slow and steady rise in bitcoin prices of $ 5,100 against the US dollar. The BTC / USD pair broke through the key resistance levels of $ 5,160 and $ 5,200 to settle in a positive zone. There was even a fence above the $ 5,200 level and the single 100-hour moving average. In the meantime, there have been some changes in orientation and downward corrections, but the price has remained well above the $ 5,160 level. The last down swing was close to $ 5,192 before the price exceeded the $ 5,300 level.
The price is high up to $ 5,364 recently and has been corrected downward. It has crossed the $ 5,280 level and the Fib retracement level of 50% of the recent wave, from the low of $ 5,192 to $ 5,364. However, the decline was protected near support of $ 5,250 and the price remained well above the single 100-hour moving average. The Fib retracement level of 61.8% of the recent wave, which ranged from $ 5,192 to $ 5,364, was also a strong support. More importantly, there is an important upward channel with $ 5,210 support on the BTC / USD time chart.
As a result, declines to levels of $ 5,220 and $ 5,200 remain well supported in the near term. On the upside, initial resistance is close to the $ 5,350 and $ 5,360 levels. A successful break above the $ 5,364 peak should pave the way for gains above the $ 5,400 and $ 5,450 levels.
Looking at the chart, the price of bitcoin is clearly trading in an uptrend above the $ 5,200 support zone. The bulls stay in combat and there are chances for a break above the $ 5,400 resistance. On the downside, only a fence under the green zone at $ 5,160 could result in further losses.
Technical indicators:
Hourly MACD – The MACD is currently well positioned in the bull market.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently lowering down to the 50 level.
Key levels of support – $ 5,200 followed by $ 5,160.
Main resistance levels – $ 5,360, $ 5,400 and $ 5,500.
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