Bitcoin Price Analysis: BTC Prepares For Next Key Break

Source Node: 965877
  • Bitcoin price is consolidating in a range below the $35,000 resistance against the US Dollar.
  • The price is now trading near the $34,250 zone and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $35,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to start a major increase if there is a clear break above the $35,000 resistance.

Bitcoin price is recovering higher above $34,000 against the US Dollar. BTC must surpass $35,000 and $35,500 for more upsides in the near term.

Bitcoin Price Analysis

Bitcoin price remained well bid above the $31,000 and $32,000 levels. BTC seems to be forming a strong support base above the $32,000 zone. The recent low was formed near $33,176 and the price is now slowly rising.

There was a break above the 23.6% Fib retracement level of the recent decline from the $35,983 swing high to $33,176 swing low. It is now trading near the $34,250 zone and the 55 simple moving average (4-hours),

An immediate resistance is near the $34,450 level. It is near the 50% Fib retracement level of the recent decline from the $35,983 swing high to $33,176 swing low. The next major resistance is forming near the $35,000 zone. There is also a major contracting triangle forming with resistance near $35,000 on the 4-hours chart of the BTC/USD pair.

A clear break above the contracting triangle could set the pace for a larger increase above $35,500. The next major resistance on the upside could be $36,500.

An initial support on the downside is near $34,000. The main support is now forming near $33,800 and the triangle lower trend line, below which there is a risk of a sharp decline in the coming sessions. In the stated case, the price could decline towards the $32,000 support.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $35,000 and the 55 simple moving average (4-hours). Overall, the price is likely to start a major increase if there is a clear break above the $35,000 resistance.

Technical indicators

4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $33,800 and $32,000.

Key Resistance Levels – $34,500, $35,000 and $36,500.

Tags: bitcoin, BTC Source: https://www.livebitcoinnews.com/bitcoin-price-analysis-btc-prepares-for-next-key-break/

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