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Price analysis of Bitcoin (BTC): triggered to break $ 4,200

The price of the bitcoin has recently tested the $ 4,000 support and recovered thereafter. BTC / USD is slowly moving higher and may soon break resistance from $ 4,200 and $ 4,300.

  • The price of BTC is well traded above the $ 4.050 support area, with a bullish angle.
  • A declining channel is in effect with resistance at $ 4,120 on the 30-minute chart.
  • The price is likely to erase resistance levels of $ 4,200 and $ 4,300 in the short term.

Bitcoin Price 2019

Bitcoin price analysis

Recently, there was a downward correction from $ 4,215 swing high in bitcoin price. However, BTC / USD found support near the $ 4,050 level and subsequently recovered. Likewise, altcoin like Ethereum, ripple and EOS exchange over key supports and can extend gains.

BTC chart of Bitcoin price analysis

Click to enlarge the chart

Looking at the 30-minute BTC / USD chart, the pair traded for the $ 4,000 support recently and stood at a low of $ 4.010. Subsequently, the price recovered nicely and stabilized above the $ 4.050 support area.

The price was traded above the 61.8% Fibra retracement level of the recent decline from $ 4,168 upwards to $ 4.010 below. The buyers managed to push the price over the resistance of $ 4,080 and the average moving at 25 simple (30 minutes).

At the beginning, the price is trading close to the $ 4,110 level. On the upside, there are many obstacles near the levels of $ 4,120 and $ 4,140. The 76.4% Fibra retracement level of the recent decline from $ 4,168 upwards to $ 4.010 below is also close to the $ 4,131 level.

More importantly, there is a declining channel in place with resistance at $ 4,120 on the same chart. If there is an upside break above the channel and $ 4,140, ​​the price could accelerate towards resistance levels of $ 4,180 and $ 4,200.

On the other hand, if there is a downward correction, the $ 4,080 level and the simple moving average (30 minutes) (30 minutes) are likely to serve as support. Under $ 4,080, the price could perhaps accelerate to the $ 4.050 support area.

Overall, the bitcoin price is trading with a bullish tone above the $ 4.050 support. Therefore, there are high odds of a bullish break above $ 4,200 in BTC / USD in the short term.

Market data is provided by TradingView, Bitfinex.

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