- The bitcoin price (BTC) rose slowly and declines against the US dollar to over $ 3,800.
- The price has recently dropped significantly, but buyers retained the support area of $ 3,800.
- The 4-hour chart of the BTC / USD has a very important rising channel with $ 3,830 support.
- The pair is maintaining its upward trend and is expected to increase from $ 4,000 to $ 4,100 in the near term by analysts.
The Bitcoin price against the US dollar is rising by a positive bias of over $ 3,800. BTC / USD parity buyers are under control and seem to be testing the $ 4,200 resistance level.
Critical level for Bitcoin: $ 4,000
Last week, there was a steady rise from the US $ 3,700 in support of the Bitcoin price. The BTC / USD parity rose and rose above the $ 3,81 resistance level and 100 simple moving averages (4 hours). However, the price faced strong resistance close to $ 3,900. Many attempts have been made to unblock the $ 3,900, but buyers have not gained momentum. As a result, there was a sharp drop below the last $ 3,850. The price rose even below 3 thousand dollars of support and 100 simple moving averages (4 hours).
Buyers took a position close to the level of $ 3,760, and then the price returned sharply. BTC broke its $ 3,900 resistance and sat at the top of 100 simple moving averages (4 hours). A new uptrend near the level of $ 3,945, and the price reinforces the current increase. In spite of this, the price has established strong support to close to 3.850. More importantly, the 4-hour chart of the BTC / USD has a significant upward channel with support for $ 3,830. Therefore, the pair continues to see support at around $ 3,850 and close to $ 3,830. On the upside, the price must exceed the $ 4,000 barrier for analysts to gain more in the near term.
Bitcoin price analysis with technical indicators
Looking at the chart, the BTC price is clearly rising above the support prices of $ 3,850 and $ 3,830. The main support is $ 3,800 and there's more risk of damage than analysts. Increasingly, a break above the $ 4,000 resistance may lead to a test of $ 4,000 and $ 4,000, according to analysts. The current outlook for the Bitcoin price with technical indicators is as follows:
- 4 hours MACD: BTC / USD parity for MACD is moving slowly in the bull zone.
- 4 hours RSI (Relative Strength Index): Corrects for BTC / USD parity to RSI 55 level.
- Main Support Level: 3,830 dollars
- Main Resistance Level: $ 4,000
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The post Bitcoin (BTC) Weekly Price Analysis: $ 4,200 Is There Next? appeared first on Kriptokoin.com.