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- The price of bitcoin has recently been corrected downwards and tested the support zone of USD 4,920 against the US dollar.
- The price has recovered well recently and has traded above resistance levels of $ 5,040 and $ 5,100.
- There is a major breakout pattern in place with a resistance of $ 5,130 on the hourly chart of the BTC / USD pair (Kraken data stream).
- The pair is expected to accelerate faster and even exceed resistances by $ 5,180 and $ 5,220.
The bitcoin price probably completed a downward correction of nearly US $ 4,900 against the US dollar. BTC is on the rise and the current price trend indicates a continued rise above the $ 5,200 level.
Bitcoin price badysis
Recently, we witnessed a strong downward correction of the $ 5,460 bitcoin price against the US dollar. The BTC / USD pair fell below support levels of $ 5,300 and $ 5,200. There was even a fence below the $ 5,200 level and the simple 100-hour moving average. However, as noted in one of the recent badyzes, bitcoin found solid support near the area between $ 4.9K and $ 5.0K. The price went up to $ 4,900 and formed a floor close to the $ 4,922 level.
Recently, there has been a sharp rise and the price has recovered above the resistance levels of $ 5,000 and $ 5,040. There was even a close above the $ 5,080 level and the Fib retracement level of 23.6% from the latest decline, from the high of $ 5,462 to $ 4,922. The price is now approaching a significant resistance close to the $ 5,150 level. In addition, the 100 hour ADM is also positioned near the $ 5,160 level to act as a resistor. More importantly, there is a major breakout pattern in place with a $ 5,130 resistance on the hourly chart of the BTC / USD pair.
Above $ 5,160, the price could test the Fib retracement level of 50% of the last decline, from the high of $ 5,462 to $ 4,922. If bitcoins are gaining ground above resistance levels of $ 5,180 and $ 5,200, there could be a sharp rise to $ 5,300 and $ 5,350. In the case mentioned, the crypto market could gain ground, with bullish movements in Ethereum, Ripple, Litecoin and others.
Looking at the chart, the price of bitcoin is showing signs of a strong return above $ 5,100. That said, bulls must exceed resistance levels by $ 5,180 and $ 5,200. If they fail, the price may fall further below the support levels of $ 5,100 and $ 5,040. On the upside, the main target for the bulls could be $ 5,350.
Technical indicators:
Hourly MACD – The MACD is slowly gaining ground in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD returned above level 50, with a bullish angle.
Key levels of support – $ 5,040, followed by $ 5,000.
Main resistance levels – $ 5,150, $ 5,180 and $ 5,200.
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