Bitcoin Price Analysis: BTC/USD Climbs Towards $2100
Bitcoin price extended gains above $2000 against the US Dollar, and now BTC/USD is looking to make a solid move above the $2100 level.
There is a nice connecting bullish trend line with support at $1980 formed on the hourly chart of BTC/USD (data feed via Kraken), which can serve as a buy zone in the near term.
Bitcoin Price Trend Line Support
The BTC to USD surged above the $1900 resistance, and also managed to break the $2000 level, as highlighted in the last post.
To initiate the upside move, the price broke the 76.4% Fib retracement level of the last decline from the $1875 high to $1610 low. It ignited a rally, and the price broke the $1875 level.
Later, the price easily surpassed the $1900 level, and was even able to break the 1.618 extension of the last decline from the $1875 high to $1610 low.
There was a solid break above $2000, as the price rocketed past the $2080 level to set a high near $2095. Later, a correction wave was initiated below $2050. The downside correction took the price below the 23.6% Fib retracement level of the last wave from the $1898 low to $2095 high.
Later, the price traded towards $2000 level, and found support near the 50% Fib retracement level of the last wave from the $1898 low to $2095 high.
On the downside, there is a nice connecting bullish trend line with support at $1980 formed on the hourly chart of BTC/USD.
So, if the pair corrects lower once again, the $2020 and $2000 levels may act as a support. On the upside, a break above $2075 may a call for a retest of $2095.
If buyers gain control, the price may even break $2100 for a move towards $2125.
Happy Trading!
Chart Source – TradingView.com and data feed by Kraken
Bitcoin price extended gains above $2000 against the US Dollar, and now BTC/USD is looking to make a solid move above the $2100 level.
