- Bitcoin price climbed higher this past week against the US Dollar, and currently showing a lot of bullish signs.
- There was a bearish trend line on the hourly chart (data feed from Bitstamp) of BTC/USD, which was broken during the upside drift.
- Buying dips remain a good option in the short term, as long as the price stays above $440.00.
Bitcoin price grinded higher this past week and broke a major resistance area. There are clear signals for more gains in BTC/USD moving ahead.
Bitcoin Price- Are you looking to buy?
Bitcoin price climbed higher this past week against the US dollar and broke a few important barriers on the way to set the pace for more gains. BTC/USD buyers also cleared a bearish trend line on the hourly chart (data feed from Bitstamp), which can be seen as a bullish sign and might take the price further higher. Currently, the price is struggling near the $457-60 resistance area and facing offers.
So, there is a chance of BTC moving down a few points before climbing once again. If you are looking to buy, then an initial support on the downside is around the 50% Fibonacci retracement level of the last wave from the $444 low to $457 high. However, the most important support and a buy zone is near the broken trend line, which is also coinciding with the 61.8% Fibonacci retracement level of the same wave.
Overall, one may consider buying near $450-445 with a stop of an hourly close below the 100 simple moving average.
Looking at the technical indicators:
Hourly MACD – The MACD is in the bullish zone, suggesting positive signs in the near term for BTC/USD.
Hourly RSI (Relative Strength Index) – The RSI is around the overbought levels, calling for a minor correction.
Major Support Level – $450
Major Resistance Level – $457
Charts from Bitstamp; hosted by Trading View
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.