Bitcoin Price Analysis: BTC/USD Remains Buy Dips
Bitcoin price surge continued this weekend vs the US dollar, as BTC/USD attempted a move towards the $600 level.
There are a couple of bullish trend lines formed on the hourly chart (data feed via Bitstamp) of BTC/USD, which may act as a catalyst for the price moving ahead.
Bitcoin Price Buy
BTC impressed the bulls lately, as it rocketed higher vs the US Dollar. BTC/USD traded above the $550 resistance area, and even attempted a close above the $590 level. It looks like the price may try to test and break the $600 level in the short term.
There are a lot of bullish signs for the BTC, and if all goes well, the price may continue to move higher vs the US dollar and ETH.
If we look at the hourly chart (data feed via Bitstamp) of BTC/USD, then there are a couple of bullish trend lines formed. These trend lines may play a major role for the next move.
The first trend line support can be seen as a buy zone for the price where the BTC bulls may appear if the price moves down.
The second bullish trend line on the downside holds a lot of importance, as it is coinciding with the 100 hourly simple moving average. One may consider buying dips as long as the price is above the second support trend line and the 100 hourly SMA.
On the upside, I think I test of at least $595 is possible, since it represents the 1.236 extension of the last move from the $587 high to $558 low. A break above the stated extension may place BTC/USD on a path towards the $600 level.
On the downside, a break of the first trend line may take the price towards the second trend line.
Chart Source – TradingView.com and data feed by Bitstamp