{"id":377585,"date":"2019-04-08T06:38:16","date_gmt":"2019-04-08T06:38:16","guid":{"rendered":"https:\/\/wncen.com\/?p=377585"},"modified":"2024-06-11T12:50:06","modified_gmt":"2024-06-11T12:50:06","slug":"bitcoin-btc-price-defies-gravity-looks-to-trade-higher","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-defies-gravity-looks-to-trade-higher\/","title":{"rendered":"Bitcoin (BTC) Price Defies Gravity, Looks to Trade Higher"},"content":{"rendered":"
Bitcoin price is climbing higher towards key resistances against the US Dollar. BTC could accelerate gains along with Ethereum<\/a> once it clears the $5,360 resistance area.<\/em><\/p>\n 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.<\/p>\n 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<\/a>. 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.<\/p>\n However, the main support is near the $5,200 level. If there is an extended downside correction, the price could test the $5,120 support area. Besides, the 50% Fib retracement level of the recent wave from the $4,903 low to $5,359 high is near the $5,130 level to act as a support. To the topside, the $5,360 level is a strong resistance. A clear break above the $5,360 resistance is likely to start a solid upward move towards the $5,400 and $5,500 resistance levels.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n