Key Points

Bitcoin price after a couple of downside swings started recovering and moved above $1160 against the US Dollar.

There are a few bullish trend lines formed with support at $1160 and $1140 on the 4-hours chart (data feed from SimpleFX) of BTC/USD.

The price is currently struggling to break the $1200 resistance and consolidating.

Bitcoin price looks like started an upside move above $1120 against the US Dollar found, and BTC/USD now looks poised for further upsides in the near term.

Bitcoin Price Support

There is an increase in buying interest for the BTC, as it price broke a couple of hurdles like $1100 and $1120 against the US Dollar. The price gained momentum and managed to trade towards $1200. It is a positive sign, and shows that the price has established a good bias above the $1120 support area. The recent high was $1204 from where the price started a minor dip.

There are many support levels on the downside started $1170. There are a few bullish trend lines formed with support at $1160 and $1140 on the 4-hours chart BTC/USD. These trend lines may act as a strong support if the price dips from the $1200 swing high. We can keep a close eye on the $1160 and $1140 support levels to enter a short-term buy trade. Furthermore, the 23.6% Fib retracement level of the last wave from the $890 low to $104 high is also aligned on the downside.

So, the most important immediate support can be near $1130. As long as the price is above the mentioned level, there can be an attempt to settle above $1200. Above $1200, the next hurdle is around $1228.

Looking at the technical indicators:

4-hours MACD – The MACD is now established in the bullish slope.

4-hours RSI (Relative Strength Index) – The RSI is currently trading near the 70 level, and showing positive signs.

Major Support Level – $1130

Major Resistance Level – $1200

Charts courtesy – SimpleFX