Bitcoin Price Analysis: BTC/USD Upside Thrust

Bitcoin Price Analysis

Bitcoin price finally moved higher against the US dollar to trade above $640, and the BTC/USD looks like may gain bids on the downside.

There was a bearish trend line formed on the hourly chart (data feed via Bitstamp) of BTC/USD, which was broken to pave the way for more gains in the near term.

Bitcoin Price Support

The BTC to USD showed a lot of strength recently, and moved above the $640 level to challenge the $655 level. During the recent upside move, the price broke a couple of important resistance areas.

First, there was a break above a bearish trend line formed on the hourly chart (data feed via Bitstamp) of BTC/USD. Second, the price cleared a major hurdle of $640, which ignited an upside move. Third, the price also managed to clear the 100 hourly simple moving average.

All these factors gave the BTC buyers a reason to take the price higher, and above the $650 level. There was a new high at $655, and the price is currently correcting lower. The pair is testing the 38.2% Fib retracement level of the last wave from the $624 low to $655 high.

It may act as a support area in the short term, but the most important one is on the downside near the $640, as the 100 hourly simple moving average is positioned at it. Moreover, the 61.8% Fib retracement level of the last wave from the $624 low to $655 high is also near it.

So, if the price moves down from the current levels, then it is very likely to find buyers on the downside near $640. The hourly RSI is currently below the 50 level, which means the correction may extend towards the $640 area going forward.

Happy Trading!

Chart Source – TradingView.com and data feed by┬áBitstamp

Bitcoin Advice

All posts published by the Bitcoin Advice Editorial Team combined. Primary objective is to provide quality content to our readers.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *

Herro