Bitcoin Price Analysis: BTC/USD Eyeing New High
Bitcoin price corrected a few points yesterday against the US Dollar, but later managed to gain bids as the BTC/USD pair started moving higher once again.
The most important point was the fact that the price managed to clear yesterday’s highlighted minor bearish trend line formed on the hourly chart (data feed via Bitstamp) of BTC/USD.
Bitcoin Price Upside Move
The BTC to USD remained in an uptrend during the past 24 hours. The price once corrected lower and tested the 38.2% Fib retracement level of the last wave from the $565 low to $608 high. However, once the test was complete, there was an upside move.
The price managed to clear a couple of important resistance levels during the upside move. First, it settled back above the $605 level. Second, yesterday’s highlighted minor bearish trend line on the hourly chart (data feed via Bitstamp) of BTC/USD was also broken.
The price is currently trading near the $608 resistance. A break above it could set a new high in BTC/USD, and the price could even head towards the $615 level.
If the price corrects lower from the current levels, then a move towards the 23.6% Fib retracement level of the last wave from the $590 low to $608 high is possible.
However, the most important support is near the broke trend line area. Moreover, the 38.2% Fib retracement level of the last wave from the $590 low to $608 high is also around the same level. So, if the price corrects lower, then there BTC bulls are likely to appear on the downside.
The hourly RSI is also well above the 50 level, which is a good sign for the people looking to enter a buy trade in the BTC to USD pair.
Chart Source – TradingView.com and data feed by Bitstamp