Bitcoin Price Analysis: BTC/USD Continuous Upsides
Bitcoin price was simply unstoppable against the US dollar, as BTC/USD continued to rocket higher and posted a new high once again above $775.
There was a solid upside ride noted in the price, and there is still a chance of more gains in the near term, as there are many support levels formed on the downside on the hourly chart (data feed via Bitstamp) of BTC/USD.
Bitcoin Price Support
BTC continued to post solid gains against the USD, and it looks like the price may even test the $800 level if the current trend continues. The BTC bulls overcame every sellers, and recently managed to push the price above the $750 level.
A new high of $778 was formed recently, and the price is not done yet. It is currently trading in a range, and might be positioning for the next move.
On the downside, there is a bullish trend line formed on the hourly chart (data feed via Bitstamp) of BTC/USD, which can act as a support zone if the price moves down from the current levels.
Moreover, the 23.6% Fib retracement level of the last leg from the $690 low to $778 high is also around the trend line support. So, there is a chance of buyers appearing around the $757 level if the price corrects lower.
A break below the trend line support could take the price towards the 50% Fib retracement level of the last leg from the $690 low to $778 high.
On the upside, an initial resistance is around the $780 level, followed by $790. The most important resistance is now at $800. If you are looking to enter a buy trade, then protect it below the $750 level in the short term, which is a major support now.
Chart Source – TradingView.com and data feed by Bitstamp