Bitcoin (BTC) Price Analysis: Bulls Outperform Themselves – BTC/USD In The Green

Bitcoin price analysis
Source: TradingView

Bitcoin (BTC) Price Analysis: Bulls Outperform Themselves – BTC/USD In The Green

  • Bitcoin reacted to a double-bottom pattern form around $4,950.
  • Bitcoin resumed the uptrend into a positive area past $5,160.

The session on Tuesday saw Bitcoin refresh the lows around $4,950. The retracement was necessary as Bitcoin encountered support congestion and overwhelming buying interest leading to a reversal. The price formed a double-bottom pattern close to $4,950. The pattern is usually interpreted as a positive sign and in this case, reaction to the pattern sent BTC/USD above $5,100 resistance as well as the 100 simple moving average (SMA) signaling a strong bullish move.  A break occurred above the 50% Fibonacci retracement level between the last swing high of $5,270.02 and a drop to $4,951.18.

Significantly, the visible bearish trendline shown yesterday did not hold back the buyers who breached the resistance at $5,097.36. This incredible move attracted more buying entries leading to another break above the resistance area at $5,120.00 – $5,160.00 (previously broken support). This paved the way for further gains that pulled Bitcoin above $5,200 as well as $5,250. A weekly high from at $5,270 before gain consolidation slightly above $5,200 commenced.

Bitcoin Price Analysis
Bitcoin Price Analysis chart source: TradingView

Bitcoin is initially supported at $5,200 (current pivotal level). This means that a swing in either direction of this level could result in either considerable gains towards $5,400 or considerable gains that could refresh the support at $5,100 for the second time this week. Other support areas to look out for in the short-term include the 61.8% Fib level, $5,120 – $5,160 (main support) 23.6% Fib level (yesterday’s hurdle), the 100 SMA 1-hour, $5,000 and $4,950.

Also Read: Binance Coin (BNB) Price Prediction Today: Overwhelmingly Positive Levels – Eyeing $21.00

A broader look at the chart shows Bitcoin resumed the uptrend into a positive area past $5,160. It is likely that a retracement will occur. However, we can expect the bulls to strongly protect $5,120 – $5,160 support area. Moreover, $5,100 is also in a position to offer support. The upside is limited at $5,270 while further correction could test $5,400 and reignite gains towards $5,400.

Bitcoin Key Technical Indicators

MACD 1-hour: +21.56 (sits comfortably in the positive zone).

RSI 1-hour: 53.1946 after correction from levels above 60.00

Primary support area: $5,120 – $5,160

Critical resistance areas: $5,270, $5,300 and $5,400.

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Bitcoin (BTC) Price Analysis: Bulls Outperform Themselves – BTC/USD In The Green
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Bitcoin (BTC) Price Analysis: Bulls Outperform Themselves – BTC/USD In The Green
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Bitcoin reacted to a double-bottom pattern form around $4,950. Bitcoin resumed the uptrend into a positive area past $5,160.
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John Isige 90 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Follow him on Twitter at @jjisige

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John Isige 90 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Follow him on Twitter at @jjisige

Follow John @