• Bitcoin price topped near the $3,950 level and recently corrected lower against the US Dollar.
• The price remains well supported above the $3,795 and $3,800 support levels.
• There is a crucial ascending channel in place with support at $3,830 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
• The pair remains in a strong uptrend and it could continue to rise towards $3,950 and $4,000.

Bitcoin price corrected lower towards key support levels against the US Dollar. BTC is following a bullish path and it is likely to climb towards the $4,000 resistance in the near term.

Bitcoin Price Analysis

Recently, we saw a nice upward move above the $3,900 resistance in bitcoin price against the US Dollar. The BTC/USD pair cleared the $3,925 level and traded close to the $3,950 level. A high was formed at $3,947 and later the price started a downside correction. It declined below the $3,900 and $3,875 support levels. Later, there was a break below the $3,830 support and the 55 simple moving average (4-hours).

However, the decline was protected by the $3,795 and $3,800 support levels. The price recovered nicely above the $3,830 level and the 55 simple moving average (4-hours). There was a break above the 23.6% Fib retracement level of the last drop from the $3,947 high to $3,796 low. However, the upside move was capped by the $3,872 level. It represents the 50% Fib retracement level of the last drop from the $3,947 high to $3,796 low.

At the moment, the price is consolidating above the $3,830 and $3,840 levels. More importantly, there is a crucial ascending channel in place with support at $3,830 on the 4-hours chart of the BTC/USD pair. On the downside, there is a strong support formed near the $3,830 level and the 55 simple moving average (4-hours). As long as the price is above the $3,800 pivot level, it could continue to move higher. An initial resistance is at $3,875, above which the price will likely break $3,900 and test $3,950.

Looking at the chart, bitcoin price is following a solid uptrend above the $3,830 and $3,800 support levels. Buyers need to gain strength above $3,875 and $3,900 to resume higher. Once there is a close above $3,950, the price may perhaps climb towards the $4,000 or $4,120 resistance levels in the near term.

Technical indicators

4 hour MACD – The MACD is showing positive signs and it could move back into the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI managed to move above the 50 level, and it may climb towards the 60 level.

Key Support Levels – $3,830 and 3,800.

Key Resistance Levels – $3,875, 3,900 and $4,000.

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