Bitcoin Price Analysis: BTC/USD Continues To Gain Traction

Litecoin Bitcoin

Bitcoin price remained supported on the downside against the US dollar, and it looks like the BTC/USD may remain in an uptrend in the short term.

My last highlighted short-term bullish trend line on the hourly chart (data feed via Bitstamp) of BTC/USD is still in play, and acted as a support zone on a number of occasions.

Bitcoin Price Support

The BTC to USD surprisingly remained above the $600 level, and there was a lot of buying interest noted during the past couple of days. Every time there was a minor dip, the price found support and managed to recover.

Bitcoin

I stated in the last couple of analysis that the price is supported on the downside, and any corrections, or a downside move may find buyers. I highlighted short-term bullish trend line on the hourly chart (data feed via Bitstamp) of BTC/USD this past week.

The same trend line is still in play and acted as a support area on more than 5 occasions. Whenever, there was a dip, the price found support near the trend line and bounced. The price is currently above the $610 level, and also above the 50% Fib retracement level of the last wave from the $608 low to $617 high.

The most important point is the fact that the price is currently above the 100 hourly simple moving average. So, there is a chance of it gaining pace, and moving towards the $620 level.

On the downside, the 100 hourly SMA, the trend line and the 61.8% Fib retracement level of the last wave from the $608 low to $617 high may act as a support area. As long as the price is above $600, it may continue to rise in the short term.

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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