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- The price of bitcoins was a support base of nearly $ 3,370 and was recovering above $ 3,450 against the US dollar.
- A break above a major contracting triangle with resistance at USD 3,440 occurred on the 4-hour chart of the BTC / USD pair (Kraken data feed).
- The pair seems to be approaching significant resistance close to $ 3,500 and $ 3,510.
The price of bitcoin is rising slowly with positive signs against the US dollar. However, the BTC / USD is now approaching a significant hurdle near the $ 3,500 resistance zone.
Bitcoin price badysis
Last week, the price of bitcoin remained in a bearish zone, under resistance of USD 3,500 against the US dollar. The BTC / USD pair tested the support zone at $ 3,375 a few times and then rebounded. The pair went above the resistance levels of $ 3,400 and $ 3,420 to begin a decent recovery. The price also traded above the Fib retracement level of 23.6% from the latest decline, from the high of $ 3,673 to $ 3,346. Positive price action has developed above the resistance level of USD 3,440.
In addition, there was a break above a major contracting triangle with resistance at $ 3,440 on the 4 hour chart of the BTC / USD pair. The price climbed above the resistance level of $ 3,475, but remained well below the simple moving average (4 hours). In addition, there was no test of the Fib retracement rate of 50% of the last decline from $ 3,673 to $ 3,346. Buyers failed to clear the $ 3,500 resistance zone, triggering bearish movements. Initially, the course was trading near the $ 3,440 level, with supports close to $ 3,420 and $ 3,400. If there is a break below $ 3,400, the price will likely test the levels of $ 3,350 and $ 3,320.
Looking at the chart, the price of the BTC clearly faces solid resistance close to the $ 3,500 and $ 100 level. As long as the price is trading below $ 3,500, there is a risk of a downward slide in the short term.
Technical indicators
MACD 4 hours – The MACD for BTC / USD is slightly in the bullish zone.
RSI (Relative Strength Index) over 4 hours – The RSI for BTC / USD is currently well above the 50 level.
Major Support Level – $ 3,400
Major resistance level – $ 3,500
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