- Bitcoin price found support near $3,400 and later recovered above $3,660 against the US Dollar.
- There was a break above a key bearish trend line with resistance at $3,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is currently consolidating above $3,600 and it could dip towards the $3,560 support.
Bitcoin price recovered nicely above $3,500 and $3,600 against the US Dollar. However, the current price action is choppy, suggesting swing moves in BTC above $3,560.
Bitcoin Price Analysis
Recently, we saw a major downward move below $3,800 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $3,560 support and the $3,400 pivot level. A low was formed at $3,376 and later the price started a decent recovery. It broke the $3,400 and $3,500 resistance levels to move into a positive zone. The upward move was convincing as the price settled above $3,560 and the 100 hourly simple moving average. Finally, there was a break above the $3,649 swing high, opening the doors for more gains.
Moreover, there was a break above a key bearish trend line with resistance at $3,560 on the hourly chart of the BTC/USD pair. The price tested the 1.236 Fib extension level of the drop from the $3,650 high to $3,376 low. A high was formed at $3,716 and the price is currently consolidating gains. An initial support is $3,640 and the 23.6% Fib retracement level of the recent wave from the $3,376 low to $3,716 high. The main support is near the previous resistance at $3,560. It coincides with the 50% Fib retracement level of the recent wave from the $3,376 low to $3,716 high.