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- The Bitcoin price holds key support near the $ 3,580 zone against the US dollar.
- The contractual triangle of yesterday is in place with a resistance close to USD 3,610 on the hourly chart of the BTC / USD pair (Kraken data flow).
- The price is likely set for the next breakout above $ 3,610, $ 3,620 and $ 3,650.
The price of bitcoin is preparing for the next crucial break with the US dollar. BTC could take a bullish momentum if it erases resistance levels of $ 3,620 and $ 3,650 in the short term.
Bitcoin price badysis
Recently, we have seen an interim peak at $ 3,658 in bitcoin prices relative to the US dollar. Later, the BTC / USD pair was corrected downward and traded below support levels of $ 3,600 and $ 3,580. However, support levels of $ 3,540 and $ 3,550 were a significant barrier for sellers. A minimum was formed at $ 3,539 and later the price rebounded above $ 3,580. The price broke the $ 3,600 resistance and the single moving average every 100 hours. In addition, there was a break above the Fib retracement level of 50% of the last decline, from the highest level of $ 3,658 to $ 3,539.
However, the price faced strong resistance near the 3,610 zone at $ 3,620. Most importantly, yesterday's contractual triangle is in place with close USD 3,610 resistance on the BTC / USD time chart. The pair appears to be struggling to get closer to the Fib retracement level of 61.8% from the last decline, from the highest level of $ 3,658 to $ 3,539. As a result, a successful break above $ 3,610 and a follow-up above $ 3,620 could set the tone for further gains. The main resistance is $ 3,650, above which the price could be $ 3,720. On the other hand, a break below $ 3,580 may encourage sellers to lower the price further.
Looking at the chart, the price in bitcoin seems to be setting in place for the next breakout, either above $ 3,620 or below $ 3,580. The price action is positive, but buyers must acquire a strength greater than USD 3,620 for proper tracking.
Technical indicators
Hourly MACD – The MACD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is placed above level 50, with a bullish angle.
Major Support Level – $ 3,580
Major resistance level – $ 3,620
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