Bitcoin Price Analysis: BTC/USD Eyeing Upside Move

Bitcoin Price Analysis BTC/USD

Bitcoin price after trading towards the $940 level against the US Dollar found support, and now BTC/USD is eyeing more gains.

During the recent recovering mode, there is an attempt to clear a bearish trend line with resistance at $1050 on the hourly chart of BTC/USD (data feed via Poloniex).

Bitcoin Price Resistance

There was a decline BTC to USD below the $1000 level, as the price traded as low as $935. It later found support, and managed to recover above the $980 level.

Later, there was even a close above the $1000 level. It is currently above the 23.6% Fib retracement level of the last decline from the $1260 high to $935 low. At the moment, there is an attempt to clear a bearish trend line with resistance at $1050 on the hourly chart of BTC/USD (data feed via Poloniex).

The price needs to settle above $1050 to challenge the 38.2% Fib retracement level of the last decline from the $1260 high to $935 low. If there is a proper close, the price might continue to move higher.

On the downside, the price has a nice support around $1025. It is acting as a barrier for more downsides and preventing a move towards $1000. As long as the price is above $1000, there can be more gains.

On the upside, the 100 hourly simple moving average is also waiting near $1080 to act as a hurdle for the BTC buyers. So, there are chances of more gains in BTC/USD towards $1060 in the near term. If you are a buyer, then look to buy near $1025 with caution.

The hourly RSI for BTC/USD (data feed via Poloniex) is well above the 50 level, and heading higher towards the 70 level.

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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