Bitcoin (BTC) Price Signaling Bullish Continuation With Bulls In Control

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Bitcoin price corrected lower recently and tested the $4,920 support area against the US Dollar.The price recovered nicely recently and traded above the $5,040 and $5,100 resistance levels.There is a major breakout pattern in place with resistance at $5,130 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is likely to accelerate higher and it could even surpass the $5,180 and $5,220 resistances.Bitcoin price likely completed a downside correction near $4,900 against the US Dollar. BTC is grinding higher and the current price action is indicating bullish continuation above the $5,200 level.Bitcoin Price AnalysisRecently, we saw a solid downside correction from the $5,460 swing high in bitcoin price against the US Dollar. The BTC/USD pair declined below the $5,300 and $5,200 support levels. There was even a close below the $5,200 level and the 100 hourly simple moving average. However, as discussed in one of the recent analysis, bitcoin did find a strong support near the $4.9K-5.0K zone. The price traded towards the $4,900 support and formed a low near the $4,922 level.Recently, there was a solid upward move and the price recovered above the $5,000 and $5,040 resistance levels. There was even a close above the $5,080 level and the 23.6% Fib retracement level of the last decline from the $5,462 high to $4,922 low. The price is now approaching a significant resistance near the $5,150 level. Besides, the 100 hourly SMA is also positioned near the $5,160 level to act as a resistance. More importantly, there is a major breakout pattern in place with resistance at $5,130 on the hourly chart of the BTC/USD pair.Above $5,160, the price could test the 50% Fib retracement level of the last decline from the $5,462 high to $4,922 low. If bitcoin gains pace above the $5,180 and $5,200 resistance levels, there could be a solid upward move towards the $5,300 and $5,350 levels. In the mentioned case, the crypto market could gain traction, with bullish moves in Ethereum, ripple, litecoin and others.Looking at the chart, bitcoin price is showing signs of a solid comeback above $5,100. Having said that, bulls need to surpass the $5,180 and $5,200 resistance levels. If they fail, the price may decline once again below the $5,100 and $5,040 support levels. On the upside, the main target for bulls could be $5,350.Technical indicators:Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 50 level, with a bullish angle.Major Support Levels – $5,040 followed by $5,000.Major Resistance Levels – $5,150, $5,180 and $5,200.

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