Bitcoin Price Analysis: BTC/USD Perfect Trend Line Bounce
Bitcoin price traded higher further during the past 12 hours against the US Dollar, and the BTC/USD pair also made a new weekly high of $745.
Yesterday’s highlighted short-term bullish trend line on the hourly chart (data feed via Bitstamp) of BTC/USD was a perfect buy zone for the buyers and pushed the price higher.
Bitcoin Price Surge
The BTC to USD made another nice move higher, and climbed further higher. The price broke yesterday’s high and managed to create a new monthly high of $745 to bypass the last swing high of $737.
It looks like the BTC price may continue to move higher, and the chances of it gaining pace might increase. Yesterday, I pointed out a short-term bullish trend line on the hourly chart (data feed via Bitstamp) of BTC/USD, and was hoping for it to act as a support area.
There was a minor dip yesterday, but the same trend line act as a perfect buy zone, and pushed the price higher. Currently, the price is trading near the $745 resistance, so there is a chance of a minor dip in the price.
An initial support on the downside is at 23.6% Fib retracement level of the last wave from the $660 low to $745 high. However, the most important support is around the same trend line support. Any further losses may call for a test of the 100 hourly simple moving average, and the 50% Fib retracement level of the last wave from the $660 low to $745 high.
The pair may continue to move higher, and there is a chance of a test of the $750 level. The hourly RSI is currently around the overbought levels, which may result a minor dip before the price moves higher once again.
Chart Source – TradingView.com and data feed by Bitstamp