BTC/USD Sighting Further Gains

Bitcoin Price Ana;lysis

Bitcoin price slowly started a recovery from the $898 low against the US Dollar. It looks like the BTC/USD pair may gain pace for further gains.

There is an ascending channel pattern with support at $1008 formed on the hourly chart of BTC/USD (data feed via Poloniex), which may act as a support.

Bitcoin Price Range Moves

We recently saw a decline in the BTC to USD towards $900, as the price traded as low as $898. Later, the price found support and somehow managed to start a corrective move.

The price recovered and moved above the 23.6% Fib retracement level of the last drop from the $1075 high to $898 low. At the moment, the price is above the $1000 handle and the 100 hourly simple moving average.

So, there is a support base formed at $1000. The price is also above the 50% Fib retracement level of the last drop from the $1075 high to $898 low. So, there are positive signs at the moment that could push the price above $1020.

At the moment, there is ascending channel pattern with support at $1008 formed on the hourly chart of BTC/USD (data feed via Poloniex). It is acting as a support around $1008-06, and preventing downsides.

As long as the price is above the 100 simple moving average and the $1000 support, there are chances of more gains in the near term.

An upside move could take the price above the 76.4% Fib retracement level of the last drop from the $1075 high to $898 low towards $1050. Buying dips may be considered with a stop below the $1000 handle.

The hourly RSI for BTC/USD (data feed via Poloniex) is supported around the 50 level, which is a good sign.

Happy Trading!

Chart Source – TradingView.com and data feed by Poloniex

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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