Last week we saw a serious downward correction below $ 5200 in BTC against the us dollar. The BTC / USD pair even broke the $ 5000 level and was trading at the level of $ 4920. Later, the price consolidated in the range and formed a decent support above the level of $ 4950. Finally, the price started a new growth and was trading above the resistance levels of $ 5040 and $ 5120. Buyers gained momentum and raised the price above $ 5150 and a 100-hour simple moving average.
In addition, the price overcame the Fibonacci retracement level of 23.6% from the last fall from a maximum of $ 5464 to a minimum of $ 4920. Moreover, on the hourly chart of the BTC / USD pair, there was a breakthrough above the key bearish trend line with resistance at the level of $ 5080. Now the pair is trading above the level of $ 5150 and 100-hour simple moving average. It is trading near the resistance level of $ 5200 and the Fibonacci retracement level of 50% from the last drop from a high of $ 5464 to a low of $ 4920.
A break above the $ 5200 level is needed to increase profits. The next key resistance may be $ 5255. And the Fibonacci retracement level is 61.8% from the last fall from a high of $ 5464 to a low of $ 4920. A successful close above $ 5260 could open the door for a strong rise to $ 5330. On the other hand, the recent resistance at $ 5120 will be a reliable support.
Looking at the chart, the bitcoin price has clearly risen to a positive zone above the level of $ 5120 and 100-hour SMA. Falls from current levels are likely to find strong buying interest above $ 5,100. On the other hand, a break above the $ 5200 and $ 5260 levels can really lift the mood of the market in favor of buyers in the short term.
The MACD – MACD clock is currently in the bullish zone.
Hour RSI (relative strength Index) – RSI for BTC / USD is now well above the 50 level and is adjusted lower.
The main support levels are $ 5,150, then $ 5,120.
The main resistance levels are 5200, 5260 and 5330 $.