- The ascending trendline has been a significant support to Bitcoin’s bullish momentum.
- BTC/USD is right on the verge of a breakout with the bulls eyeing $5,400.
BTC/USD bull market has entered the second week. In the rally last week, Bitcoin experienced a breakout after zooming above certain key levels at $4,200 and later at $5,200. In spite of the correction from the weekly highs at $5,351 BTC/USD has sustained the bullish bias buy staying above the rising trendline.
BTC/USD short-term outlook: 4-hour chart
The 4-hour chart shows dancing at $5,277 after securing its position above the key breakout level at $5,200. BTC/USD is expected to trend higher while forming higher highs and higher lows to the extent of touch $5,400 during the trading sessions today. There is a steady rise in the Relative Strength Index (RSI). The indicator in the 4-hour timeframe has not below 60, besides it has recovered back into the overbought above 70 at the time of writing.
Another indicator of a continued bullish moment is the gap between the moving averages. Both the 50 SMA and the 100 SMA are still playing catch to the rising price. The 50 SMA above the 100 SMA means that the bulls are still in charge.
In terms of support levels, the trendline has been working as a significant barrier preventing declines. Other support levels are observed at $5,000 former pivotal level, the 61.8% Fib retracement level between the last swing high of $5.351 and a swing low of $3,877.54 roughly at $4,800, the 50 SMA 4-hour, 100 SMA 4-hour, $4,200 and finally $4,000.
Key Technical Levels:
Major support 1: $4,800
Major support 2: $4,000
Resistance 1: $5,300
Resistance 2: $5,351
The 61.8% Fib retracement level
RSI 4-hour: 71.69
50 SMA 4-hour
100 SMA 4-hour
BTC/USD 1-week chart outlook
The weekly chart shows BTC/USD having broken past the trendline resistance. The digital asset has spiked above $5,200 and dancing at $5,280. BTC/USD is right on the verge of a breakout with the bulls eyeing $5,400. Meanwhile, the 50 SMA weekly is limiting gains currently at $5,612.06 and the 100 SMA currently at $6,344.43. The long-term outlook for Bitcoin is also bullish bias with further correction upside expected throughout this week.
- Fake Grimacecoin Jumps 285,000% After McDonald’s’ Response to Elon Musk Tweet
- Turkey President Tayyip Erdoğan Orders For Metaverse Research
- After Twitter, Reddit Might Allow Users To Add NFT as Profile Picture
- Facebook’s Bumbling Crypto Venture Diem to Wind Down, Sell Assets
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- DappRadar: Strong Possibility of DeFi Shakeout In 2022 Amid Crypto User Exodus
- YouTube’s Head of Gaming Joins Polygon Studios, CEO Praises NFT and Crypto
- Bitcoin And Ethereum Sell Off Nearing An End- CNBC Host Jim Cramer
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?