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Bitcoin Technicals Suggest Bulls Likely To Target Fresh High above $13.5K

Bitcoin price is trading nicely above the $13,000 resistance zone against the US Dollar. BTC is showing positive signs and likely gearing for more upsides above $13,200 and $13,500.

  • Bitcoin successfully cleared the $12,800 and $13,000 resistance levels.
  • The price is now trading nicely above the $13,000 handle and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $13,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise above the $13,200 and $13,250 resistance levels.

Bitcoin Price Aims New High

This past week, bitcoin started a strong increase above the $12,000 and $12,500 resistance levels against the US Dollar. The BTC/USD pair even surged above the $13,000 level and settled nicely above the 100 simple moving average (4-hours).

It traded to a new monthly high at $13,250 before starting a short-term downside correction. There was a break below the $13,000 level, but the price remained well bid above the $12,650 support zone.

A low was formed near $12,740 before the price started a fresh increase. There was a break above the $13,000 resistance level, plus the price settled above the 50% Fib retracement level of the recent decline from the $13,250 swing high to $12,740 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The price is now approaching the $13,200 resistance level. It seems like there is a major bullish trend line forming with support near $13,000 on the 4-hours chart of the BTC/USD pair.

On the upside, the price is facing a strong resistance near the $13,200 and $13,220 levels. If there is a clear break above $13,200, the bulls are likely to aim a new monthly high and the price could test the $13,500 level. Any further gains could open the doors for a rise towards the $14,000 resistance.

Downsides Could Be Limited in BTC

If bitcoin fails to clear the $13,200 resistance, it could correct lower. An initial support is near the trend line zone and the $13,000 level.

A downside break below the $13,000 and $12,950 support levels could push the price towards the $12,740 low. The next major support is near the $12,650 level, below which the price might test the $12,500 level.

Technical indicators

4 hours MACD – The MACD for BTC/USD is likely to move back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 70 level.

Major Support Level – $13,000

Major Resistance Level – $13,200