Bitcoin Price Key Highlights
- Bitcoin price achieved yet another new high, surging past the $350 minor psychological barrier onto a peak of $378 so far.
- This strong rally could inspire profit-taking activity towards the end of the week, as traders reduce risk ahead of top-tier U.S. data releases.
Bitcoin price has been on a very strong uptrend but a large correction might be possible, offering the opportunity to catch the rally at a better price.
Support at Trend Line and Fibs
In the event of a large pullback, bitcoin price could still draw support around the Fibonacci retracement levels and the rising trend line visible on the 1-hour chart. This is around the $330 level, which also coincides with a short-term area of interest.
The 100 SMA is above the 200 SMA, indicating that the long-term climb is set to carry on. However, both stochastic and RSI are reflecting overbought conditions, which means that a selloff is bound to take place sooner or later.
A shallow pullback could lead to a bounce off the 38.2% Fib