Key points
Bitcoin retested the support of $5,360 and is likely to rise further in the short term.
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On the hourly price chart, Bitcoin broke through a short-term contraction triangle with resistance at $5,155.
Once the $5,460 resistance level breaks, Bitcoin may soar to $5,500 or even $5,600.
Bitcoin price analysis
Recently, Bitcoin has fallen towards the support level of $4,800. Soon after, the price tested the support level of $4,750. However, the price did not fall further, but soon rebounded to above $4,800 and $4,900. Prices slowly rebounded and rose above the $5,000 resistance level and the 100-hour simple moving average. After forming a price support of $5,000, Bitcoin broke the resistance of $5,120 and $5,200.
During the upswing, Bitcoin broke through a short-term contraction triangle with resistance at $5,155. The deal even broke through $5,300 and tested the key resistance at $5,360. Bitcoin is currently consolidating its gains below $5,360. The first support was at the 23.6% Fibonacci retracement of the last volatility (from a low of $4,903 to a high of $5,359).
However, the main support is around $5,200. If the price continues to be revised downwards, the price will likely test the $5,120 support level. In addition, the last volatility of the 50% Fibonacci retracement (from a low of $4,903 to a high of $5,359) is also near the $5,130 level.
As you can see from the chart, if the bitcoin price has a downward revision, $5,120 will play a supporting role. The main support is near the $5,000 and 100-hour simple moving averages. If the price is below $5,000, Bitcoin will likely fall to $4,800 and $4,750.
Technical indicator signal
MACD per hour – MACD is in the bullish range
RSI per hour – RSI test 75, currently under downward adjustment
Main support level – $5,120
Main resistance level – $5,360
Author: Kiran
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.
Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.
