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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 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.
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.
