- Bitcoin price is slowly moving higher towards the $5,300 and $5,360 resistances against the US Dollar.
- The price is placed nicely in an uptrend and it could gain strength above $5,360.
- Yesterday’s highlighted significant ascending channel is intact with support at $5,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains supported on dips and it is likely to trade to a new 2019 high above $5,360.
Bitcoin Price Analysis
In the past three sessions, there were mostly range moves below $5,300 in bitcoin price against the US Dollar. Earlier, the BTC/USD pair started a downside correction after trading as high as $5,362. It declined below the $5,250 support area and the 23.6% Fib retracement level of the upward move from the $4,896 low to $5,362 high. There was also a break below the $5,200 support before buyers emerged near the $5,150 level. Later, the price started trading in a range above the $5,150 level and the 100 hourly simple moving average.
The price is also trading nicely above the 50% Fib retracement level of the upward move from the $4,896 low to $5,362 high. More importantly, yesterday’s highlighted significant ascending channel is intact with support at $5,180 on the hourly chart of the BTC/USD pair. The channel support, $5,150, and the 100 hourly SMA hold the key for the next move in the near term.
As long as bitcoin price is following the channel, there are chances of more gains above the $5,300 and $5,360 resistance levels. The price might even trade to a new 2019 high above the $5,380 level. The next key resistance is near the $5,400 level, where sellers might appear. Conversely, if there is a downside break below the $5,150 support, then there could be more downsides. The next immediate support is at $5,075, below which the price may revisit the $5,000 support area.
Looking at the chart, bitcoin remains well supported on dips and it could rise above the $5,300 and $5,360 levels. If bulls remain in action, there are even chances of a spike above the $5,400 level. On the downside, the main support is at $5,150, below which the gates could open for a move towards the $5,000 level.
Hourly MACD – The MACD is slowly gaining traction in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level, with a positive angle.
Major Support Levels – $5,150 followed by $5,075.
Major Resistance Levels – $5,300, $5,360 and $5,400.
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