Key Points
- Bitcoin price managed to start recovering from the $710-700 area, and currently trading higher against the US Dollar.
- There is nice solid bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which is acting as a catalyst for an upside move.
- The price is also above the 100 simple moving average (H4) at $850, which is a positive sign.
Bitcoin price started a nice upside move vs the US Dollar, and it looks like there is a chance of BTC/USD retesting the $1000 level.
Bitcoin Price Bullish Trend
This past week we saw how Bitcoin price started a recovery against the US Dollar, traded back above the $800 level. We saw a flag pattern formed on the 4-hours chart of BTC/USD, which continued to act as a support and pushed the price above $800. The trend continued this past week, as the price after a consolidation started trading higher.
At first, the price broke the 23.6% Fib retracement level of the last decline from the $1302 high to $707 low (data feed from SimpleFX). Later, the price managed to break the 100 simple moving average (H4) at $850. This ignited an upside move, and the price is now above $900. Moreover, the price has also settled above the 38.2% Fib retracement level of the last decline from the $1302 high to $707 low. All in all, these are positive signs, and may lift the price further higher.
The next stop for Bitcoin price looks near $1000, as it is a major hurdle. It acted as a resistance earlier as well, and may act as a barrier on this occasion as well. Overall, the price is in an uptrend, and may continue to gain pace.
Looking at the technical indicators:
4-hours MACD – The MACD is well into the bullish slope.
4-hours RSI (Relative Strength Index) – The RSI is reaching the overbought levels, but still heading north.
Major Support Level – $900
Major Resistance Level – $1000
Charts courtesy – SimpleFX
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