Bitcoin price is slowly rising and trading above the $5,300 resistance area. BTC/USD could start a strong increase if it clears the $5,510 resistance area.
In the past three sessions, the bitcoin price remained well supported above the $5,000 and $5,030 support levels. BTC/USD climbed higher and settled above the key $5,300 resistance area.
Looking at the 1-hour chart, the price even climbed above the $5,380 level and the 25 simple moving average (1-hour, orange). However, the price is still struggling to gain momentum above the $5,510 swing high.
The market data is provided by TradingView, Bitfinex.
The last swing low was formed near the $5,029 level before the price climbed above the 50% Fib retracement level of the recent drop from the $5,572 high to the $5,029 low.
On the upside, immediate resistance is near the $5,400 level. The bitcoin price is also trading in a contracting triangle with resistance near $5,440 on the same chart.
The triangle resistance is close to the 76.4% Fib retracement level of the recent drop from the $5,572 high to the $5,029 low. Therefore, a clear break above the $5,440 resistance zone could increase the chances of a break above the $5,500 and $5,510 resistance levels.
The next major resistance is near the $5,580 level, above which the bulls are likely to aim for a decent rise towards the $5,800 and $6,000 resistance levels.
Conversely, Bitcoin may correct lower below $5,300. The first key support is near the $5,150 level, below which the bitcoin price could retest the $5,000 support area. Any further losses below $5,000 might put the bulls on the back foot and the price may perhaps drop to $4,600.