Bitcoin Price Analysis: BTC Eyes Short Term Reversal Above $3,350

Bitcoin Price Analysis
Chart Source by TradinvView, Binance

Bitcoin Price Analysis: BTC Eyes Short Term Reversal Above $3,350

Bitcoin price traded towards the $3,150 support recently against the US Dollar. BTC/USD is currently recovering and it may trade past the $3,400 and $3,490 resistances.

Important Points:

  • Bitcoin price formed a decent support base near the $3,150 level.
  • BTC surpassed a major bearish trend line with resistance at $3,250 on the 2-hours chart.
  • There could be more gains towards the $3,400 and $3,490 resistance levels.

Bitcoin Price Analysis

There was a downside extension below the $3,200 support in bitcoin price against the US Dollar. BTC/USD broke the $3,180 support and traded close to the $3,150 level where buyers emerged.

The 2-hours chart indicates that the price traded as low as $3,154 and later started a short term upside correction. It moved above the $3,225 resistance and the 50% Fib retracement level of the last decline from the $3,492 high to $3,154 low.

Bitcoin Price Analysis
Chart Source by TradinvView, Binance

More importantly, there was a break above a major bearish trend line with resistance at $3,250 on the same chart. The price settled above the $3,250 level and it is currently trading with a positive bias. On the upside, there are many hurdles near the $3,400 and $3,490 levels.

Moreover, the 76.4% Fib retracement level of the last decline from the $3,492 high to $3,154 low is positioned at $3,410 to act as a resistance. At the outset, the price is trading near the $3,380 level and the 100 simple moving average (2-hours).

Therefore, there could be a short-term correction towards $3,350 or $3,330 before the price trades higher once again. On the upside, a successful close above the $3,400 resistance and the 100 simple moving average (2-hours) is likely to open the doors for an upward move towards the $3,490 swing high.

Above $3,490, the price could rally above $3,500 and $3,550 in the near term. On the downside, an initial support is at $3,330, below which the price may revisit the $3,250 support.

Overall, bitcoin price is showing a lot of positive signs above $3,330 and BTC may perhaps continue to rise towards the $3,490 level.

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Bitcoin Price Analysis: BTC Eyes Short Term Reversal Above $3,350
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Bitcoin Price Analysis: BTC Eyes Short Term Reversal Above $3,350
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Bitcoin price traded towards the $3,150 support recently against the US Dollar. BTC/USD is currently recovering and it may trade past the $3,400 and $3,490 resistances.
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Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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