- 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.
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.
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
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