Bitcoin Price Analysis: Further Appreciation Likely In BTC/USD
Bitcoin price surge continued against the US Dollar during the past 24 hours, and the BTC/USD pair also created a new high for this week above $620.
I highlighted a bullish trend line on the hourly chart (data feed via Bitstamp) of BTC/USD yesterday, which acted as a perfect support and pushed the price higher.
Bitcoin Price Upside Move
The BTC to USD climbed higher during the past 24 hours and broke yesterday’s high of $615. A new high was created above $625 as I forecasted in yesterday’s post. The best part was that there was a bounce from a perfect technical level of the 38.2% Fib retracement level of the last wave from the $590 low to $615 high.
Moreover, the yesterday’s bullish trend line on the hourly chart (data feed via Bitstamp) of BTC/USD also played its part well in acting as a support area. The price recently traded as high as $628, and currently correcting lower.
An initial support on the downside can be around the 23.6% Fib retracement level of the last wave from the $592 low to $628 high. However, the most important support for today is again around the yesterday’s bullish trend line on the hourly chart.
It is also coinciding with the 38.2% Fib retracement level of the last wave from the $592 low to $628 high. So, it is a major technical level and could act as a monster resistance in the near term.
Another support just below the trend is in the form of the 100 hourly simple moving average. All in all, the price is in an uptrend and may continue to move higher.
The hourly RSI is currently moving lower, but may find support near the 50 level going forward.
Chart Source – TradingView.com and data feed by Bitstamp