Bitcoin Price Analysis: BTC/USD To Break $1380?
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.
Chart Source – TradingView.com and data feed by Kraken