Bitcoin Price Analysis: BTC/USD To Surge Further
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.
Chart Source – TradingView.com and data feed by Poloniex