Bitcoin Price Analysis: BTC/USD To Climb Higher Further?
Bitcoin price is currently trading in a range against the US Dollar, and it looks like that the BTC/USD pair may climb higher one more time.
There is a short-term bullish trend line formed on the hourly chart (data feed via Bitstamp) of BTC/USD, which is currently acting as a support area.
Bitcoin Price Support Zone
The BTC to USD managed to remain above the $680 support area over the weekend, which is a positive sign. There were a couple of minor dips, but the BTC buyers managed to protect the downside move above the $680 support.
The most important point is the fact that this past week’s highlighted bullish trend line on the hourly chart (data feed via Bitstamp) of BTC/USD is still in play on the downside. Moreover, there is a new short-term bullish trend line formed on the same chart.
It is currently acting as a support area, and preventing a downside move. The 38.2% Fib retracement level of the last wave from the $660 low to $717 high may also been as a support area on the downside for Bitcoin buyers.
In addition, the 100 hourly simple moving average is also around the trend line support to act as a buy zone. In short, we can say that the price is currently supported on the downside, and gain pace in the near term.
On the upside, the pair may face sellers near $717, and it won’t be easy for buyers to clear it. If they succeed, it would open the doors for a move towards the $725 level.
The hourly RSI is currently above the 50 level, which means the bulls are here, and may push the price higher. One may consider buying as long as it is above the trend line support.
Chart Source – TradingView.com and data feed by Bitstamp