Bitcoin Price Analysis: BTC/USD Stays Positive
Bitcoin price slowly and steadily climbed higher vs the US Dollar, and traded near $460. There is a major bullish trend line formed on the hourly chart (data feed via Bitstamp), which is acting as an upside move catalyst.
The price is also above the 100 hourly simple moving average, which is a positive sign and may take the price higher in the short term.
Bitcoin price trend line support
Bitcoin price as forecasted continued to trade higher vs the US Dollar. BTC after declining below $450 vs the US Dollar started to move higher once again. There was a slow and steady uptrend noted on the hourly chart.
As mentioned, there is a bullish trend line formed on the hourly chart (data feed via Bitstamp) of BTC/USD, which is acting as a major support and pushing the price higher.
The most important point is the fact that the price is now above the 100 hourly SMA. So, all in all there are many support areas on the way down for the bulls.
On the upside, the 50% Fib retracement level of the last drop from the $465 high to $447 low is acting as a resistance area. If the BTC bulls need to take the price higher, then they need to break the stated level.
The hourly RSI is above the 50 level, which may encourage the buyers in the short term. So, we need to keep a close eye on the trend line support area. As long as the price is above it, one may consider buying with a stop below the 100 SMA.
The hourly MACD not very active as of writing, and may not matter for the BTC to US dollar buyers in the near term.
Chart Source – TradingView.com and data feed by Bitstamp