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- The price of bitcoin rose and exceeded resistance levels of $ 3,950 and $ 4,000 against the US dollar.
- The price has reached a new high for 2019, above $ 4,100, and could continue to rise in the near term.
- There was a break above a major triangle with a resistance close to US $ 3,950 on the 4 hour chart of the BTC / USD pair (Kraken data feed).
- The pair traded above the $ 4,150 resistance and could accelerate to $ 4,250 and $ 4,400.
The price of bitcoins has risen sharply above the $ 4,000 barrier against the US dollar. The BTC / USD could correct a few points, but the lows remain sustained at more than 4,000 USD in the short term.
Bitcoin price badysis
Last week, we saw many bullish movements in excess of $ 3,600 in bitcoin price support against the US dollar. The BTC / USD pair climbed above the resistance levels of $ 3,800 and $ 3,900. However, the sellers fought well near the resistance levels of $ 3,950 and $ 4,000. As a result, there were some bearish movements, but the $ 3,800 support zone was a solid buying area. Finally, the buyers had the advantage and pushed the price above the resistance levels of $ 3,950 and $ 4,000.
More importantly, there was a break above a major triangle with a resistance close to $ 3,950 on the 4-hour chart of the BTC / USD pair. Parity has been established above the $ 4,000 level and the simple moving average (4 hours). The upward movement was such that the price traded to a new high for 2019 higher than $ 4,100. It has traded to the $ 4,200 level and a peak was raised to $ 4,191. The price is currently declining, but remains well supported above $ 4,100 and $ 4,050. Initial support is the Fib retracement level of 23.6% from the last wave, from the lowest level of $ 3,871 to $ 4,191.
On the other hand, there are many supports close to the $ 4,050 level. Below $ 4,050, the next support is near the $ 4,030 level. It represents the Fib retracement level of 50% of the last wave, from the lowest level of $ 3,871 to $ 4,191. The main support is close to the $ 4000 level (the previous resistance). Therefore, if there is a downward correction, the price can find buyers close to $ 4,050 and $ 4,000.
Looking at the chart, the BTC price is well positioned in a strong bullish trend above the $ 4,000 resistance zone. In the short term, there may be a withdrawal, but buyers will probably be protecting $ 4,000. On the upside, a break above the $ 4,200 level could open the doors at $ 4,250 and $ 4,400.
Technical indicators
4 hours MACD – The MACD for BTC / USD is gaining ground in the bullish zone.
RSI (Relative Strength Index) 4 hours – RSI for BTC / USD is currently well above level 70.
Major Support Level – $ 4,000
Major resistance level – $ 4,200
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