Bitcoin Price Analysis: BTC/USD To Surge Further

Bitcoin Price Analysis BTC USD

Bitcoin price remained elevated against the US Dollar above $1230, and now BTC/USD is looking to extend gains in the short term.

There is a major bullish trend line with support at $1240 formed on the hourly chart of BTC/USD (data feed via Poloniex), which also coincides with the $1230 pivot.

Bitcoin Price Uptrend

There were continuous gains in the BTC to USD, as the price managed to move above a couple of important resistance levels like $1230 and $1215. The price traded as high as $1283 before retreating from the high for a correction.

The price is currently correcting lower, and moved towards 38.2% Fib retracement level of the last wave from the $1180 low to $1283 high. It is moving back higher, but there is a chance of a minor dip towards $1250 before the price recovers.

On the downside, there are many support levels like $1230. The stated level was a resistance earlier, and may now act as a support. There is also a major bullish trend line with support at $1240 formed on the hourly chart of BTC/USD (data feed via Poloniex).

Furthermore, the 50% Fib retracement level of the last wave from the $1180 low to $1283 high is at $1230. So, there are many barriers and buy zones on the downside for BTC to USD.  Moreover, the 100 hourly simple moving average is at $1210 to act as a hurdle for sellers.

On the upside, a break above the recent high of $1283 might open the doors for an upside move towards $1300. The trend is positive for BTC/USD, and the price remains supported near $1250 and $1230.

The hourly RSI for BTC/USD (data feed via Poloniex) is currently correcting, but remains above the 50 level.

Happy Trading!

Chart Source – TradingView.com and data feed by Poloniex

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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