Bitcoin Price Analysis: BTC/USD To Break $1380?

Bitcoin Price Analysis BTC USD

Bitcoin price remained above the $1340 support area against the US Dollar, and now BTC/USD is looking to move past $1360 towards $1380.

There is a nice connecting bullish trend line with support at $1320 formed on the hourly chart of BTC/USD (data feed via Kraken), which may act as a support of the pair moves down.

Bitcoin Price Trend Line Support

The BTC to USD was seen trading higher above the $1300 level. There were a couple of swing moves towards $1320 and $1310, but the price remained well bid.

Recently, the price traded as high as $1357 where it faced resistance and moved down. There was a move below the 23.6% Fib retracement level of the last wave from the $1292 low to $1357 high.

However, the downside move was well supported above $1330. The 38.2% Fib retracement level of the last wave from the $1292 low to $1357 high acted as a support.

If there is another downside wave, the price could trade towards the $1320 support. Moreover, there is a nice connecting bullish trend line with support at $1320 formed on the hourly chart of BTC/USD.

In addition, the 50% Fib retracement level of the last wave from the $1292 low to $1357 high at $1324 is also waiting to act as support in the near term.

Overall, the price remains supported on the downside, starting with the $1330 level to $1320 level. It may continue to move higher, and a break above $1360 could easily open the doors for a move towards the next hurdle at $1380 where sellers may appear.

The hourly RSI for BTC/USD (data feed via Kraken) is currently around the 60 level, and looking to remains in the bullish zone.

Happy Trading!

Chart Source – TradingView.com and data feed by┬áKraken

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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