Bitcoin Price Analysis: BTC Eyes More Upsides Above $16K
Bitcoin price is showing bullish signs above the $15,000 zone against the US Dollar. BTC is likely to continue higher towards $16,000 as long as it is above $14,800.
Bitcoin Price Analysis
In the past few days, bitcoin price followed a bullish path above the $14,500 resistance against the US Dollar. BTC broke many hurdles near $15,000 to move further into a positive zone.
The price gained pace above the $15,200 and $15,500 levels. It traded close to the $16,000 resistance and settled well above the 55 simple moving average (4-hours). The pair made two attempts to gain pace above $15,850, but it failed.
The last swing high was formed near $15,869 before the price declined towards $15,000. A low is formed near $14,819 and bitcoin price is currently climbing higher.
There was a break above the $15,300 level, plus the price traded above the 50% Fib retracement level of the recent decline from the $15,869 high to $14,819 low. Moreover, it seems like there is a key bullish trend line forming with support near $15,050 on the 4-hours chart of the BTC/USD pair.
On the upside, the pair is facing hurdles near $15,470 level. It is close to the 61.8% Fib retracement level of the recent decline from the $15,869 high to $14,819 low.
A successful close above the $15,470 and $15,500 levels may perhaps initiate a fresh increase. The next key resistance is near the $15,870 swing high. A clear break above the stated swing high is likely to set the pace for a break above the $16,000 level.
Conversely, bitcoin price might start a fresh decline from the $15,470 resistance. An initial support is near the trend line at $15,050. The main support is near the $14,800 level and the 55 simple moving average (4-hours). Any further losses may perhaps open the doors for a larger downward move towards $14,000.
Looking at the chart, bitcoin price is clearly trading in a bullish zone above the $15,000 support and the 55 SMA (H4). In the short-term, the price could correct a few points, but there are high chances of more upsides towards $16K.
4 hours MACD – The MACD is showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is still placed nicely the 50 level.
Key Support Levels – $15,050 and $14,800.
Key Resistance Levels – $15,470, $15,500 and $16,000.
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