Key Points
- Bitcoin price gained momentum this past week against the US Dollar, and moved above $1000.
- There is a crucial bullish trend support in the form of as ascending channel on the 4-hours chart (data feed from SimpleFX) of BTC/USD.
- On the downside, the $$1050 support area is the key and may act as a buy area.
Bitcoin price is back in the bullish zone above $1000 against the US Dollar, and BTC/USD looks set for more gains possibly towards $1080.
Bitcoin Price Bullish Trend
This past week was positive for Bitcoin price, as it broke the $980 resistance against the US Dollar. The upside move gained pace, and as a result, there was a break above the $1000 level. The price also managed to break the 1.618 extension of the last drop from the $980 high to $920 low. It opened the doors for more gains in the short term, and the price recently traded as high a $1076 (data feed from SimpleFX).
The price at the moment correcting lower, and likely heading towards the 23.6% Fib retracement level of the last leg from the $979 low to $1076 high. The same fib level also coincides with a crucial bullish trend support in the form of as ascending channel on the 4-hours chart at $1053. So, we can say that the price remains supported on the downside near $1050-1053.
Only a close below the channel support area may call for more declines. In that case, a test of the 38.2% Fib retracement level of the last leg from the $979 low to $1076 high is possible. On the upside, the next major resistance could be near $1080.
Looking at the technical indicators:
4-hours MACD – The MACD is in the bullish zone with positive momentum.
4-hours RSI (Relative Strength Index) – The RSI is steady above the 70 level, and correcting lower.
Major Support Level – $1050
Major Resistance Level – $1080
Charts courtesy – SimpleFX
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.
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