Bitcoin Technical Analysis: BTC Turned Short Term Bullish, $3,800 Next


Bitcoin Price Chart
Chart Source by TradingView, Binance

Bitcoin Technical Analysis: BTC Turned Short Term Bullish, $3,800 Next

Bitcoin price traded higher recently and broke the $3,440 resistance against the US Dollar. BTC/USD moved into a short term bullish zone and it could climb towards $3,740 or $3,800.

Important Points:

  • Bitcoin price traded higher and broke the $3,440 and $3,520 resistance levels.
  • BTC/USD broke a major bearish trend line with resistance at $3,560 on the 2-hours chart.
  • BTC price is now placed nicely above the $3,440 support level, with a bullish angle.

Bitcoin Technical Analysis

After forming a new multi-month low at $3,220, bitcoin price started a decent upward move against the US Dollar. BTC/USD climbed above the $3,320 and $3,380 resistance levels to start an upside correction.

The 2-hours chart indicates that the price gained pace above the $3,400 barrier and broke the 50% Fib retracement level of the last decline from the $3,908 high to $3,220 low. The price even climbed above the $3,550 level to move into a short term bullish zone.

Bitcoin Price Chart
Bitcoin Technical Analysis Chart Source by TradingView, Binance

More importantly, the price broke a major bearish trend line with resistance at $3,560 on the same chart. However, the upward move was protected by sellers near the $3,645 level (the previous support zone).

The stated $3,645 level is also the 61.8% Fib retracement level of the last decline from the $3,908 high to $3,220 low. The price retreated from highs and it later corrected below the $3,600 and $3,560 levels.

However, the price is finding a solid buying interest near the $3,440 level and the broken trend line. Therefore, as long as the price is trading above the $3,440 level, there are high chances of a fresh upward move in the near term.

On the upside, the price must break the $3,650 and $3,680 resistance levels for more gains. The next target for buyers could be the 100 simple moving average (2-hours) or the $3,800 level.

Overall, bitcoin price is currently trading with a positive angle above the $3,440 support and it could rise towards $3,750 or $3,800. On the other hand, a downside break below $3,440 may push BTC back in a bearish zone.

Summary
Bitcoin Technical Analysis: BTC Turned Short Term Bullish, $3,800 Next
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Bitcoin Technical Analysis: BTC Turned Short Term Bullish, $3,800 Next
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Bitcoin price traded higher recently and broke the $3,440 resistance against the US Dollar. BTC/USD moved into a short term bullish zone and it could climb towards $3,740 or $3,800.
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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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