Bitcoin Price Technical Analysis For 03/28/2016 – Looking To Buy BTC?

Key Points

  • Bitcoin price surged higher during the past session against the US Dollar and broke a major resistance area.
  • There is a major bullish trend line formed on the hourly chart (data feed from Bitstamp), which can act as a buy zone for the bulls moving ahead.
  • If the price corrects from the current levels or moves down, then one may consider buying near the $420-415 support area.

Bitcoin price is showing a lot of positive signs. If the current break in BTC/USD is not false, then more upsides are possible in the short term.

Bitcoin Price Sighting Gains?

Bitcoin price finally managed to pop higher, and the biggest positive was the fact that BTC/USD moved above a major resistance area of $420. Once the price broke the stated level, there was a spike towards $427, which clearly shows how important was the resistance zone. The price is currently correcting and moving down, but the bears have to be careful if they are planning to sell BTC versus the USD.

There is a crucial bullish trend line formed on the hourly chart (data feed from Bitstamp), which may act as an important support area and also a buy zone. The bulls may

Read more ... source: TheBitcoinNews

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