Bitcoin Price Analysis: BTC/USD Trading Bullish

Bitcoin Price Analysis

Bitcoin price finally managed to gain bids against the US dollar, as the BTC/USD pair traded higher by more than $15 during the past 24 hours.

There is a major bullish trend line formed on the hourly chart (data feed via Bitstamp) of BTC/USD, which may act as a crucial support area on the downside moving ahead.

Bitcoin Price Support

BTC moved higher during the past 24 hours and registered good gains against the USD. There was a break above the $650-55 levels, which ignited an upside move.

The price traded as high as $678 where sellers appeared to defend any further gains. The price is currently correcting lower, but it may find support on the downside. As mentioned, there is a major bullish trend line formed on the hourly chart (data feed via Bitstamp) of BTC/USD.

The highlighted trend line support may play a critical role for the next move in the BTC/USD pair. As long as the price is above it, there is a chance of more upsides in the short term.

Moreover, on the downside, an initial support is around the 23.6% Fib retracement level of the last leg from the $605 low to $678 high. The most important point is that the 100 hourly simple moving average is positioned with the highlighted trend line support to act as a perfect barrier for the BTC sellers.

In my view, buying dips remain a good option in the short term, as long as the price is above the highlighted trend line support and the 100 hourly SMA.

The hourly RSI is above the 50 level, which is a good sign for the people looking to buy BTC in the short term. We just need to keep a close eye on the highlighted trend line support.

Happy Trading!

Chart Source – TradingView.com and data feed by Bitstamp

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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2 Responses

  1. July 13, 2016

    […] needs to come to light that if the halving of coins takes place without a price increase, we can come close to facing the 51% situation which would rapidly decrease the popularity and […]

  2. July 14, 2016

    […] most important point is the fact that there was a break below yesterday’s highlighted bullish trend line on the hourly chart (data feed via Bitstamp) of BTC/USD. If the trend line break is real, then the […]

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