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- The price of bitcoins was a support very close to the USD 3,550 level and traded higher against the US dollar.
- There was a break above a major downtrend line with resistance at $ 3,610 on the BTC / USD time chart (data feed from Kraken).
- The pair broke through the resistance levels of $ 3,650 and $ 3,700 to enter a positive zone.
- A maximum was raised at $ 3,732 before the price triggered a downward correction.
The price of bitcoin gained ground and broke the key resistance of $ 3,600 against the US dollar. BTC is now well positioned in a positive zone and hollows remain supported at around $ 3,620 and $ 3,600.
Bitcoin price badysis
There was a brief consolidation last week over support of $ 3,350 in bitcoin price against the US dollar. The BTC / USD pair was a solid support close to the USD 3,550 level and then traded higher. The price gained traction and broke many resistances, including $ 3,580 and $ 3,600. This has opened the door to more earnings and the price has even been set above $ 3,600 and the simple moving average of 100 hours. During the upward movement, there was a break above a major downtrend line with resistance at $ 3,610 on the BTC / USD pair time chart.
The pair even eliminated the resistance of $ 3,700 and hit a new weekly high of $ 3,732. Later, there was a downward correction below the $ 3,700 level. Vendors pushed the price below the Fib retracement level of 23.6% from the last wave, from the low of $ 3,553 to $ 3,732. However, there are many supports close to the levels of $ 3,640 and $ 3,620. The initial support is $ 3,645 and the Fib retracement level is 50% of the last wave, from the lowest level of $ 3,553 to $ 3,732.
The main support is close to the level of 3,620 USD (resistance to the previous escape). This also coincides with the 61.8% Fib retracement level of the last wave, which dropped from the low of $ 3,553 to $ 3,732. Therefore, if there is a downward correction below $ 3,660, the price could find support close to the levels of $ 3,640 and $ 3,620. On the upside, the initial resistance is around $ 3,700, above which the price could reach $ 3,750.
Looking at the chart, the price of bitcoin clearly broke some significant resistance close to $ 3,600 to move into a bullish zone. The current share price is positive, with additional earnings potential greater than $ 3,700 and $ 3,750. The next key resistance above $ 3,750 is close to the $ 3,880 level.
Technical indicators
Hourly MACD – The MACD is strongly positioned in the bullish zone, signaling a strong bullish movement in the short term.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently falling relative to overbought levels.
Key levels of support – $ 3,640, then $ 3,620 and $ 3,600.
Main levels of resistance – $ 3,700, $ 3,720 and $ 3,740.
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