Bitcoin Price Analysis: BTC/USD Remains Buy Dips

Bitcoin Price Analysis BTC USD

Bitcoin price after trading towards $1900 against the US Dollar started a correction, and later BTC/USD found support near $1600 and moved higher.

There was a bearish trend line with resistance at $1740 formed on the hourly chart of BTC/USD (data feed via Kraken), which was broken during the recent upside move.

Bitcoin Price Support

The BTC to USD was in a clear uptrend, as it moved above the $1800 resistance to trade with a solid buying interest.

The price even traded close to the $1900 level where it faced offers, and started correcting lower. The correction phase was decent, as the price moved down by more than $250 and traded below the $1700 support.

A low was formed at $1608 where a support was formed. Later, the price started moving higher and broke the 23.6% Fib retracement level of the last decline from the $1880 high to $1608 low.

Later, the price gained traction and moved above $1700. It also broke a bearish trend line with resistance at $1740 formed on the hourly chart of BTC/USD.

The best part was a move above the 50% Fib retracement level of the last decline from the $1880 high to $1608 low. It means the price may have completed a correction near $1608 and now back in the bullish zone.

Recently, the price struggled to break the 76.4% Fib retracement level of the last decline from the $1880 high to $1608 low at $1821. It is once again correcting lower, but finding support near $1750. It is a major support area and may hold losses towards $1700.

On the upside, a break above $1820 might call for a retest of the last swing high at $1880. Overall, buying dips remain a good options near $1750-20 in the near term.

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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