Can BTC/USD Break Past $950 Again?
Bitcoin price recently traded as low as $818 against the US Dollar before finding support. Let’s see if the BTC/USD pair can surpass the $950-960 resistance.
There is a clear resistance formed near $950 on the 4-hours chart of BTC/USD (data feed via Poloniex), as the 100 simple moving average is positioned near it.
Bitcoin Price Decline
We recently saw in the BTC to USD how there was a change in the trend after a top at $1152 (data feed via Poloniex). There was a sharp downside move, as the price was back below $1000 and the 100 simple moving average on the 4-hours chart.
During the downside move, the price broke a support trend line at $1075 on the 4-hours chart. It opened the doors for more downside, as the price traded as low as $818.
Later, the price started a recovery, and moved above the 23.6% Fib retracement level of the last drop from the $1025 high to $818 low. This ignited an upside move towards the 100 simple moving average, which kind of acted as a resistance.
The price failed just below the 61.8% Fib retracement level of the last drop from the $1025 high to $818 low, and started traded one more time. The price was below $900 yesterday, and currently back above it.
It remains supported near $880, but on the upside the 100 simple moving average near $950 may continue to act as a major barrier for the BTC buyers.
Only a push above $950 may take the price back towards $1000. It looks like there can be ranging moves in $850-$950 for some time before the next move. Overall, the price is stable and looking for more gains.
The H4 RSI for BTC/USD (data feed via Poloniex) is below the 50 level, which is a negative sign at the moment.
Chart Source – TradingView.com and data feed by BTCCHINA