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Key Points

  • Bitcoin price managed to stay above the $900 support against the US Dollar, which is a positive sign.
  • There is a major breakout pattern formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD with resistance near $930.
  • A break and close above the triangle resistance might open the doors for more gains towards $950.

Bitcoin price made a nice move versus the US dollar, and stayed above $900. More gains are possible in BTC/USD in the near term?

Bitcoin Price Breakout Approaching

There were no major swing moves in Bitcoin price this past week against the US Dollar, as after a dip towards $885, the price started recovering. There was an upside move, which pushed the price back above the $900 resistance. The price moved above the 23.6% Fib retracement level of the last decline from the $954 high to $885 low to start a recovery.

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The best part was the close above the $900 resistance. The price also crawled above the $910 level. However, there is no major momentum, which could initiate a trending up-move. At the moment, the price is struggling near the 61.8% Fib retracement level of the last decline from the $954 high to $885 low. Moreover, there is a major breakout pattern formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. Its resistance is coinciding with the $928 resistance.

Bitcoin Price Weekly AnalysisBitcoin Price Weekly Analysis

So, a break and close above the triangle resistance and the mentioned fib level could spark more gains towards $950. On the downside, the triangle support is at $910. Going forward, we would witness a break. The chances are of a move higher, but if the price fails to break $928-930, it might move down.

Looking at the technical indicators:

4-hours MACD – The MACD is in the bearish zone, but with no momentum.

4-hours RSI (Relative Strength Index) – The RSI is steady above the 50 level, which is a positive sign.

Major Support Level – $910

Major Resistance Level – $930

 

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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