- The Bitcoin price started the second wave higher after finding support around an important area of 220.0.
- There is a bullish trend line formed on the 4-hours chart, which is acting as a catalyst for an upside move.
Bitcoin price gained a lot of traction this past week, and it looks like buyers might able to take the price above 240.0.
Trend Line Support
The Bitcoin price traded with a positive tone this past week. In the second wave, the Bitcoin price found support near 220.0. The upside was sharp, and during the up-wave, there is a bullish trend line formed on the 4-hours chart. The best part is the fact that the price has settled above the 100 simple moving average, which is a positive sign and might push the price higher.
If the price moves lower or corrects lower from the current levels, then an initial support can be seen around the 23.6% Fib retracement level of the last wave from the 223.0 low to 240.00 high. The mentioned fib level is just above the trend line and support area. So, one can say