Bitcoin formed a double-bottom mode up near $4,940.
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Bulls pushed prices up to $5,150 and $5,160.
Bitcoin was in the process of rising, and Bitcoin broke through the main bearish trend line highlighted yesterday, with a breakthrough level of $5,110.
The pair is currently in the positive range and may continue to rise to $5,350 and $5,400.
Bitcoin price analysis
Yesterday, bitcoin prices fell back to the support range of $4,940. However, when it reached $4,940, there was a strong buying interest in the market, and then a good rise was made. It seems that Bitcoin has formed a double-bottom mode around $4,940, which is a good thing. During the ascent, Bitcoin broke through $5,100 and 100-hour SMA, steadily rising. In addition, Bitcoin also broke through the last 50% Fibonacci retracement (from a high of $5,186 to a low of $4,943).
More importantly, Bitcoin broke through the main bearish trend line highlighted yesterday, with a breakthrough level of $5,110. In the end, the price closed above the resistance range of $5,150 to $5,160. This opened the door for further gains and closed above $5,200 and $5,250. This week's new high is at $5,275. Currently, prices are consolidating gains. The first support is at $5,200 and the last volatility of the 23.6% Fibonacci retracement (from a low of $4,943 to a high of $5,275).
However, the most important support is in the range of $5,150 to $5,160, below $5,150, and the price will test the $5,100 support level and the 100-hour simple moving average. The last volatility of the 50% Fibonacci retracement (which fell from a low of $4,943 to a high of $5,275) also coincided with $5,109. Therefore, if prices fall from current levels, they will be protected around $5,160 and $5,100.
As can be seen from the chart, bitcoin prices have rebounded significantly above the $5,160 price. In the short term, Bitcoin may have a downward revision. But the bulls may hold $5,160 and $5,100. If the price rises, the initial resistance is at $5,275. Above this level, Bitcoin will test $5,300. In fact, any further increase in Bitcoin may lay the foundation for moving to the $5,400 level.
Technical indicator signal
MACD per hour – MACD is in the bullish range
RSI per hour – RSI jumps above 60 but is down
Main support level – $5,160 and subsequent $5,100
Main resistance levels – $5,275, $5,300 and subsequent $5,400
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Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.