- Bitcoin price is placed nicely above the $3,965 and $3,980 support levels against the US Dollar.
- There is a short term triangle forming with resistance at $4,045 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price may continue to move higher towards $4,250 if there is a clear break above $4,080.
Bitcoin price is gaining bullish momentum above $4,000 against the US Dollar. BTC remains supported on dips and it may soon climb above the $4,150 and $4,200 resistances.
Bitcoin Price Analysis
Yesterday, we discussed the key support at $3,940 for bitcoin price against the US Dollar. The BTC/USD pair stayed above the mentioned support and it slowly moved above $3,965 and $3,980. Buyers pushed the price above the $4,000 level. There was a break above the 23.6% Fib retracement level of the last drop from the $4,114 swing high to $3,965 swing low. It opened the doors for more gains above $4,050 and the price is now well above the 100 hourly simple moving average.
An initial resistance is near the $4,040 level. It represents the 50% Fib retracement level of the last drop from the $4,114 swing high to $3,965 swing low. More importantly, there is a short term triangle forming with resistance at $4,045 on the hourly chart of the BTC/USD pair. Therefore, a break above the triangle and $4,050 may open the doors for more gains in the near term. The next resistance is at $4,085, above which the price may climb towards the $4,150 and $4,200 levels. An intermediate resistance is the 1.236 Fib extension level of the last drop near $4,140.
