Can Bitcoin (BTC) buyers keep Rally Going?

  • Bitcoin price climbed in a decisive upturn after breaking $ 4,200 resistance to US dollars.
  • The price increased higher and broke the $ 4,500 and $ 5,000 opponents before starting a downward move.
  • There is a significant ascending channel formed with support of $ 4,900 on the 4-hour chart of the BTC / USD pair (data entry from Kraken).
  • The couple remains well supported on dips, and buyers will probably push the price to a new 2019 high. [19659005] Bitcoin price recently gained a bullish momentum over $ 5000 against US dollars. BTC is following a solid performance and it's likely to climb up to $ 5,400 and $ 5,600.

    Bitcoin Price Weekly Analysis (BTC)

    This week, bitcoin began to rise sharply after breaking its $ 4,200 opposition to US dollars. The BTC / USD pair climbed over many resistance levels, including $ 4,400, $ 4,600, and $ 4,800. Buyers were even successful in a break over $ 5,000, plus a close over 1[ads1]00 easy moving average (4 hours). The price was above $ 5,200 and a new 2019 high was formed at $ 5,358. Later, the prize began a downward move and traded below $ 5,200 and $ 5,000.

    There was a break below the 50% Fib retracement level from the last wave from $ 4,128 low to $ 5,358 high. However, the decline was limited and the price found support close to the $ 4,750 level. 50% Fib retracement level of the last wave from $ 4,128 low to $ 5,358 high also appeared as a strong support. Recently, the price began to rise and moved over $ 5,000 and $ 5,100 resistance levels, which is a positive sign.

    Initially, there is a significant ascending channel formed with support of $ 4,900 on the 4-hour chart of the BTC / USD pair. The pair will probably continue higher since it recently broke the resistance level of $ 5,060. To the top, the price is likely to break the $ 5,358 high. The next stop could be $ 5,400, over which bitcoin is likely to increase against the $ 5600 short-term resistance level.

     Bitcoin Prize Weekly Analysis BTC Chart

    Look at the chart, the BTC award is clearly trading in a solid upside over the $ 4,900 support area. If there is a downside expansion below $ 4,900, the price can go back to the $ 4,750 support level. The next major support is $ 4,500, where buyers are likely to take a stand. In short, there may be range movements before the price climbs to $ 5,400 or $ 5,600.

    Technical indicators

    4 hours MACD – BCD / USD MACD is moving into the bullish zone.

    4 hours RSI (Relative Strength Index) – The RSI for BTC / USD is well above the 55 level.

    Large Support Level – $ 4,900

    Major Resistance Level – $ 5,400

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