Bitcoin Price Analysis: BTC/USD Remains Buy Dips
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.
Chart Source – TradingView.com and data feed by Kraken