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The price of the bitcoin traded higher and broke the resistance level of $ 4000. However, BTC / USD again failed to cancel the resistance area of $ 4,095 and is currently correcting more in bass.
- The BTC price tested the main resistance area near the levels of $ 4,090 and $ 4,100.
- An uptrend line is in place with support for $ 3,860 on the 30-minute chart.
- The price must break resistance levels $ 4,095 and $ 4,100 to rise towards $ 4,400.
Bitcoin price analysis
After forming a support base close to $ 3,770, the price of the bitcoin started an upward move. Altcoins like Ethereum, ripple and EOS are also positioned in a bullish path and can continue to move higher. However, there are many hurdles for BTC / USD near the levels of $ 4,090 and $ 4,100.
Click to enlarge the chart
Looking at the 30-minute BTC / USD chart, the pair pushed toward the $ 4,100 level recently, but buyers clearly struggled to break the levels of $ 4,090 and $ 4,100. A maximum of $ 4,086 was formed and later the price was corrected lower.
It fell below $ 4.050 and tested the moving average at 25 simple (30 minutes). He is currently testing the Fibra retracement level of 23.6% of his recent leg from the low of $ 3.788 to $ 4.086. On the downside, there are many supports close to $ 4,000 and $ 3,940 levels.
More importantly, the 50% Fibra retracement level of the recent leg from the low of $ 3,888 to $ 4,086 was placed near the $ 3,938 level. Therefore, if the price continues to fall, you may find strong support near the $ 3.95 level.
If there are more decreases, the price could test the support of $ 3,900. Below this, there is an uptrend line with $ 3,860 support on the same chart.
On the upside, buyers must gain the pitch above the resistance from $ 4,090 and $ 4,100. There have been several wastes around the area of $ 4,090 and it appears to be an important breakout level for buyers and sellers. Overall, the price of bitcoin remains supported on dips and BTC could make another attempt to cancel the resistance area of $ 4,100.
Market data is provided by TradingView, Bitfinex.
