Bitcoin Price Analysis: BTC/USD Continuous Upsides

Bitcoin Price Analysis

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.

Happy Trading!

Chart Source – TradingView.com and data feed by┬áBitstamp

Aayush Jindal

Aayush has spent over EIGHT years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets.

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1 Response

  1. June 20, 2016

    […] price is continuously following a support area in the form of a bullish trend line on the hourly chart (data feed via Bitstamp) of BTC/USD, which is acting as a buy […]

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