The Bitcoin (BTC) price can lead to a lasting movement higher

• Bitcoin price jumped higher recently and traded for a new weekly high over $ 4,140 against US dollars.
• The price is traded as high as $ 4,142, and there is currently consolidation of gains over key support.
• There is a new contracting triangle forming with support near $ 4,100 on the hourly map of the BTC / USD pair (data feed from Kraken).
• The pair may decline in the short term, but are still supported near $ 4,100 and $ 4,050.

The Bitcoin price is trading with a strong upside over $ 4,040 pivot level against the US dollar. The BTC will probably break the resistance of $ 4,150 and it could increase over $ 4,200.

Bitcoin Price Analysis

Having formed a strong support near the $ 4,040 level, the bitcoin price rose above $ 4,1[ads1]00 against the US dollar. The BTC / USD pair followed a decent bullish path, with a pair of sharp moves against $ 4,060. Eventually, the price gained bullish strength and traded over $ 4,100 and $ 4,120 resistance levels. A new weekly high was formed near the $ 4,142 level, and the price is currently in a range.

An original support is close to the $ 4,120 level and the 23,6% Fib retracement level of the recent increase from $ 4,052 low to $ 4,142 high. However, the headline is close to the $ 4,100 level. More importantly, it is a new contract triangle that provides support near $ 4,100 on the BTC / USD pair hour chart. If the pair breaks the triangular support, it can test the $ 4.060 level and the 100-hour simple moving average.

On the upside, the triangle resistance is close to $ 4,145 and $ 4,150. A clear break over the $ 4,150 opposition could open the doors for more winnings over $ 4,200. The next significant opposition is $ 4,440, above which the price can increase to $ 4,400. In the back, if there is a new downside correction , buyers can stand near the $ 4,060 support or the 100-hour simple moving average.

Look at chart, bitcoin price clearly follows a solid bullish path over $ 4,100 and $ 4,060 support levels. In the short term, there may be a range over $ 4,100 before the price slots over the $ 4,145 opposition. The main support is close to the $ 4,040 pivot level. There is also a large bullish trend line in place with support of $ 4,055 on the same chart. Therefore, many buying zones are formed, starting with $ 4,100 and up to nearly $ 4,040.

Technical Indicators:

Monthly MACD – MACD is placed heavily in the bullish zone, with positive signs.

Timer RSI Relative strength index) – RSI for BTC / USD is currently moving below 72 level.

Larger support levels – $ 4,100 followed by $ 4,060.

Large Resistance Levels – $ 4,145, $ 4,150, and $ 4,200.