Bitcoin Price Analysis: BTC/USD Remains In Uptrend

Bitcoin Price Analysis BTC USD

Bitcoin price extended gains and remained above the $1120 support against the US Dollar. Now, BTC/USD is about to test the $1135 support.

There are two bullish trend lines with support at $1132 is formed on the hourly chart of BTC/USD (data feed via Poloniex), which may continue to act as strong support.

Bitcoin Price Support

There was a nice upside move in BTC to USD towards $1160, as the price was above to gain momentum. A new high at $1164 was formed from there was a correction wave initiated. The price moved below the $1150 and traded towards $1120.

There was a move below the 23.6% Fib retracement level of the last wave from the $1080 low to $1064 high. However, the downside move was prevented near $1120, which acted as a strong support.

The same level also coincided with the 50% Fib retracement level of the last wave from the $1080 low to $1064 high. The most important thing is two bullish trend lines with support at $1132 on the hourly chart of BTC/USD (data feed via Poloniex).

These two trend lines are a strong support at $1130. So, the price is likely to remain supported on the downside above $1120. Also, the 100 hourly simple moving average is below the trend lines at $1118.

In short, there are many support levels on the downside at $1120. As long as the price is above $1120, there can be continuing gains in BTC to USD.

On the upside, an initial resistance at $1142. A break above it could call for a complete test of the last swing high at $1166.

The hourly RSI for BTC/USD (data feed via Poloniex) is just above 50 level, and remains positive towards 60.

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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