Bitcoin Price Analysis: BTC Sighting Upside Break Towards $3,700


Bitcoin Price Analysis
Chart Source by TradingView, Binance

Bitcoin Price Analysis: BTC Sighting Upside Break Towards $3,700

Bitcoin price found support near the $3,325-3,330 support area and later recovered against the US Dollar. BTC/USD may continue to rise towards the $3,553 or $3,700 resistances.

Important Points:

  • Bitcoin price corrected lower recently and found support near the $3,330 level.
  • BTC/USD broke a crucial bearish trend line with resistance at $3,385 on the 2-hours chart.
  • BTC price may continue to climb higher and it may test the $3,700 resistance level.

Bitcoin Price Analysis

Earlier, there was a decent upward move from the $3,225 low in bitcoin price against the US Dollar. BTC/USD climbed above the $3,500 level, but it struggled to trade past the $3,655 level and later declined.

The 2-hours chart indicates that the price formed a high near the $3,655 level and corrected below the 50% Fib retracement level of the last wave from the $3,225 low to $3,655 high. The price even declined below the $3,400 level, but it found support near the $3,327 level.

Bitcoin Price Analysis
Bitcoin price analysis Chart Source by TradingView, Binance

It seems like the 76.4% Fib retracement level of the last wave from the $3,225 low to $3,655 high acted as a solid support. Later, the price started a fresh upward move and traded above the $3,350 and $3,390 resistance levels.

Buyers gained momentum and the price broke a crucial bearish trend line with resistance at $3,385 on the same chart. It has cleared the path for more gains above the $3,400 level in the near term.

If the recent break is true, the price may continue to grind towards the $3,550 level and the 100 simple moving average (2-hours). Above the $3,550 and $3,553 levels, the price may continue to rise towards the $3,700 resistance zone.

If there is a downside correction, the price may find support near the $3,400-20 zone. However, the main support is near the $3,325 level, below which the price could revisit $3,225 zone.

Overall, bitcoin price is slowly rising and if buyers gain momentum, there could be a decent upward move towards the $3,553 and $3,700 resistance levels in the near term.

Summary
Bitcoin Price Analysis: BTC Sighting Upside Break Towards $3,700
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Bitcoin Price Analysis: BTC Sighting Upside Break Towards $3,700
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Bitcoin price found support near the $3,325-3,330 support area and later recovered against the US Dollar. BTC/USD may continue to rise towards the $3,553 or $3,700 resistances.
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Latika Mehrotra

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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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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