Bitcoin [BTC] Price Analysis: BTC/USD Defends $5,000 Support as Consolidation Kicks In

Bitcoin Price Analysis
Source: TradingView

Bitcoin [BTC] Price Analysis: BTC/USD Defends $5,000 Support as Consolidation Kicks In

  • Bitcoin sustains an uptrend above $5,000 despite the retracement from the weekly high at $5,350.
  • BTC/USD must correct above the median of Andrew’s Pitch for further movement above $5,200.

BTC/USD is seen trading above the trendline after the buyers reclaimed the support above $5,000. Both the 50 SMA and the 100 SMA 4-hour are still playing catch up following the surge on Tuesday and Wednesday this week. The break above $5,200 ignited further correction to the 201 high around $5,350.11 (on Coinbase).

According to the 4-hour chart, the price is trending sideways at $5,019 slightly below the median level of Andrew’s Pitchfork. Following the retracement from the weekly highs, BTC/USD has lost momentum to correct above the medium of the indicator.

bitcoin Price Analysis
Chart Source: TradingView

BTC/USD short-term bullish bias

The RSI 4-hour is currently ranging at 64. He indicator retread from the overbought levels around 90.00. The trend shows that the surge has fizzled out and we can expect ETH/USD to trade sideways above the key level at $5,000.

The Simple Moving Average gap between the 50 SMA and the 100 SMA 4-hour, however, shows that the bulls are in control. The 50 SMA above the longer-term 100 SMA means that the bulls continue to gain traction in spite of the retracement.

Also Read: Ethereum [ETH] Price Analysis: ETH/USD Waiting for Bitcoin’s Breakout Above $5,200

The MACD gives a much clearer picture of the trend. The indicator recently stepped the 200 level and formed a high at 257. At press time there has been a correction below 200 and the MACD signal is trending lower at $135.21.

Both the RSI and the MACD shoe that the potential to keep the price above $5,000. However, correction towards $5,200 (breakout point) will be an uphill task.

Key Technical Levels:

RSI 4-hour: 64.00

MACD: +135.21

50 SMA 4-hour: $4,532.78

100 SMA 4-hour: $4,245.60

Support 1: $5,000

Support 2: 4,800

Main support: $4,200

Resistance 1: $5,067.85

Resistance 2: $5,200

Resistance 3: $5,350

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Bitcoin [BTC] Price Analysis: BTC/USD Defends $5,000 Support as Consolidation Kicks In
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Bitcoin [BTC] Price Analysis: BTC/USD Defends $5,000 Support as Consolidation Kicks In
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Bitcoin sustains an uptrend above $5,000 despite the retracement from the weekly high at $5,350. BTC/USD must correct above the median of Andrew’s Pitch for further movement above $5,200.
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John Isige 36 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 content. His main focus is on cryptocurrency price analysis and industry news coverage.