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Bitcoin price is showing positive signs above the $3,700 resistance against the US Dollar. BTC/USD may continue to rise above the $3,880 and $3,900 resistance levels.
Important Points:
- Bitcoin price gained traction and moved above the $3,700 resistance level.
- BTC breached a crucial bearish trend line with resistance at $3,710 on the 2-hours chart.
- The price is now placed in a positive zone and it may accelerate above the $3,880 resistance.
Bitcoin Price Analysis
Recently, there was a downside correction from the $3,906 swing high in bitcoin price against the US Dollar. BTC/USD declined below $3,700 and $3,680 before buyers emerged near the $3,630 level.
The 2-hours chart indicates that the price bottomed near the $3,632 level and later started a fresh upward move. The price broke the $3,700 resistance and the 100 simple moving average (2-hours) to jump into a positive zone.
Besides, there was a break above the 50% Fib retracement level of the recent decline from the $3,906 high to $3,632 low. More importantly, the price breached a crucial bearish trend line with resistance at $3,710 on the same chart.
At the moment, the price is consolidating near the $3,800 level and the 61.8% Fib retracement level of the recent decline from the $3,906 high to $3,632 low.
Should there be an upside break, the price may even clear the $3,880 resistance level. In the mentioned case, the price may climb towards the $3,940 and $4,000 resistance levels.
On the downside, the $3,710 level is a solid support along with the 100 SMA. If there is a downside break below the 100 SMA, the price may decline back towards the $3,630 level where buyers may reappear. If there is a break below the $3,630 support, the price may decline towards the $3,500 support.
Therefore, the next move in bitcoin price could be either above the $3,880 resistance or below the $3,630 support. The current price action is positive, but BTC buyers need to gain traction above the $3,850 and $3,880 barriers to kick-start a solid upward move.
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