- The price retested the $5,360 resistance and it looks set to trade further higher in the near term.
- There was a break above a short term contracting triangle with resistance at $5,155 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to surge towards $5,500 or even $5,600 once it successfully clear the $5,360 resistance.
Bitcoin price is climbing higher towards key resistances against the US Dollar. BTC could accelerate gains along with Ethereum once it clears the $5,360 resistance area.
Bitcoin Price Analysis
Recently, we saw a downside correction towards the $4,800 support in bitcoin price against the US Dollar. The BTC/USD pair tested the $4,750 support and later recovered above $4,800 and $4,900. It slowly recovered and climbed above the $5,000 resistance and the 100 hourly simple moving average. Finally, a solid support base was formed near the $5,000 level before the price traded above the $5,120 and $5,200 resistance levels.During the rise, there was a break above a short term contracting triangle with resistance at $5,155 on the hourly chart of the BTC/USD pair. The pair even traded above the $5,300 level and retested the key $5,360 resistance area. It is currently consolidating gains below the $5,360 resistance. An initial support is near the 23.6% Fib retracement level of the recent wave from the $4,903 low to $5,359 high.