Bitcoin Price Analysis: BTC/USD Continues To Gain Traction
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.
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.
Chart Source – TradingView.com and data feed by Bitstamp