Bitcoin price analysis: BTC/USD revived uptrend is bound to hit higher levels


  • Bitcoin piece technicals align for a recovery above the resistance at $10,474.
  • The MACD’s positive divergence is good enough to sustain Bitcoin above the short-term 50 SMA support.

Bitcoin is trading at $10,387 below its opening price of $10,335 on Friday. However, the upward correction is only getting started. The four-hour chart for BTC/USD trading pair displays an asset with great potential to explore high levels towards $11,000.

Following the worrying dip below $10,000 earlier in the week, BTC/USD bounced back from the support at $9,800. The consolidation that followed between $10,000 and $10,200 paved the way for the late Thursday push above the 100 Simple Moving Average resistance and the 50 SMA on the 4-hour chart. BTC stepped above $10,400 resistance before hitting the barrier at $10,474 (confluence resistance level discussed yesterday).

Read alsoCubans resort to Bitcoin and cryptocurrencies to bypass U.S. sanctions

The Moving Average Convergence Divergence (MACD) has a bullish inclination. If the signal crosses into the positive zone, buyers are likely to find more faith with the uptrend. Meanwhile, the existing positive divergence is good enough to sustain Bitcoin above the short-term 50 SMA support. Moreover, the Elliot Wave Oscillator is in its initial phases of a bullish session likely to continue in the coming sessions. Apart from the SMAs support, Bitcoin would find cushion at $10,200, $10,000 and $9,800 in the event a reversal occurs. The main support for the crypto remains between $9,200 and $9,400.

BTC/USD 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC bulls may hit a brick wall on approach to $9,800

Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. 

More Bitcoin News

Ripple Price Weekly Forecast: XRP/USD road to $0.35 mapped

As the week grinds toa halt, cryptocurrencies are rolling in a positive direction. The positive resonation comes after a couple of days that saw bulls paralyzed in the cryptocurrency market.

More Ripple News

Cardano launched hardfork OBFT; ADA/USD extends the recovery

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing.

More Cardano News

BCH/USD sprints to $380 amid development tax disagreements

Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green ...

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP