Bitcoin Price Technical Analysis For 03/24/2016 – Beginning of Bullish Trend?

Key Points

  • Bitcoin price gained bids intraday and traded higher to settle above the $415 resistance area.
  • The price is currently facing a major hurdle near the all-important $420 resistance area.
  • There are many support areas formed on the downside on the hourly chart of the BTCUSD pair (data feed from Bitstamp).

Bitcoin price gained intraday to trade near $418-420. Now, can BTCUSD continue trading higher as there are many supports formed on the downside?

Bitcoin Price – Trend Lines Support

Bitcoin price showed a lot of positive signs during the past few hours, and if we look at the short-term view, then BCTUSD was all bullish. However, can we consider it a change in the trend from bearish to bullish? Only time can tell, but looking at the higher timeframe chart, the price is still below a monster resistance area of $420-425. The stated level holds a lot of importance for the next major move in BTCUSD and could ignite a lot of volatility.

In the short term, Bitcoin price has formed many support levels against the USD. BTC sellers are likely to face a tough time, as there are a couple of bullish trend lines formed on the hourly chart of

Read more ... source: NewsBTC USA