- Bitcoin price continued to surge higher this past week against the US Dollar and traded above $620.
- There is an ascending channel pattern formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which is acting as a support area.
- As long as the price is in the channel, there is a chance of more gains in the near term.
Bitcoin price remained in an uptrend this past week versus the US Dollar, and my view of further gains played well in the near term.
Bitcoin Price Rise
Bitcoin price consolidated for some time against the US Dollar before climbing higher. In the last weekly analysis, I mentioned that the BTC is trading with a positive tone, presenting a risk of more gains. The price did climb higher and closed the week above the $600 level. A new high of $626 was formed in the BTC/USD pair, and the pair is still trading with a bullish bias.
As mentioned, there is an ascending channel pattern formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. It may play a crucial role for the BTC bulls in the near term. If the price manages to stay in the channel, it may climb