Bitcoin Price Analysis: BTC Targets Fresh Highs Above $5,500

• Bitcoin price corrected lower recently and tested the $4,900 support area against the US Dollar.
• The price is currently recovering and it may continue to climb towards $5,340 and $5,500.
• There is a key bullish trend line in place with support at $5,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
• The pair remains in a strong uptrend and it is likely to accelerate above the $5,350 resistance level.

Bitcoin price likely completed a downside correction near $4,900 against the US Dollar. BTC is currently moving higher and it may surge above the $5,340 and $5,450 resistance levels.

Bitcoin Price Analysis

This past week, there was a downside correction in bitcoin price below the $5,340 support against the US Dollar. The BTC/USD pair even broke the $5,200 support and the 55 simple moving average (4-hours). Finally, there was a break below the $5,000 level and the price traded as low as $4,899. Later, the price consolidated losses above $4,900 and recently climbed higher. It broke the $5,000 resistance and the 23.6% Fib retracement level of the last drop from the $5,491 high to $4,899 low.

More importantly, there was a break above the $5,100 level and the 55 simple moving average (4-hours). The price spiked above the $5,200 level and the 50% Fib retracement level of the last drop from the $5,491 high to $4,899 low. However, the upward move was capped by the $5,265 level and a connecting resistance trend line on the 4-hours chart of the BTC/USD pair. The pair also failed near the 61.8% Fib retracement level of the last drop from the $5,491 high to $4,899 low.

At the moment, the price is trading near the $5,200 level, with an initial support at $5,150. The main support is at $5,100 and the 55 simple moving average (4-hours). There is also a key bullish trend line in place with support at $5,000 on the same chart. Therefore, if there is a downside correction, the price is likely to find bids near $5,100 and $5,050. On the upside, a break above the $5,265 and $5,280 resistance may call for a fresh increase.

Looking at the chart, bitcoin price is likely to break the $5,280 resistance. The next key resistance is at $5,340, above which the price could rally towards the last swing high at $5,490. The overall trend is positive and the price may even break the $5,550 resistance in the coming days.

Technical indicators

4 hour MACD – The MACD is gaining pace in the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI is currently well above the 50 level, with a bullish bias.

Key Support Levels – $5,100 and $5,050.

Key Resistance Levels – $5,280, $5,340 and $5,500.

The post Bitcoin Price Analysis: BTC Targets Fresh Highs Above $5,500 appeared first on Live Bitcoin News.

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Via: Bitcoin Price Analysis: BTC Targets Fresh Highs Above $5,500

from Crypto Investor News™ http://bit.ly/2ImKBZa
via IFTTT Join Robinhood and we'll both get a stock like Apple, Ford, or Sprint for free. Make sure you use my link. http://bit.ly/2G2HXWf Email me at justplanegonefilms@gmail.com after signing up with my link, and I will personally help you with choosing which stocks to invest!