Bitcoin Price Analysis: BTC/USD Climbs Towards $2100

Bitcoin Price Analysis BTC USD

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┬áKraken

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.

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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