Bitcoin Price Analysis: BTC/USD Eyeing Upside Move
Bitcoin price after trading towards the $940 level against the US Dollar found support, and now BTC/USD is eyeing more gains.
During the recent recovering mode, there is an attempt to clear a bearish trend line with resistance at $1050 on the hourly chart of BTC/USD (data feed via Poloniex).
Bitcoin Price Resistance
There was a decline BTC to USD below the $1000 level, as the price traded as low as $935. It later found support, and managed to recover above the $980 level.
Later, there was even a close above the $1000 level. It is currently above the 23.6% Fib retracement level of the last decline from the $1260 high to $935 low. At the moment, there is an attempt to clear a bearish trend line with resistance at $1050 on the hourly chart of BTC/USD (data feed via Poloniex).
The price needs to settle above $1050 to challenge the 38.2% Fib retracement level of the last decline from the $1260 high to $935 low. If there is a proper close, the price might continue to move higher.
On the downside, the price has a nice support around $1025. It is acting as a barrier for more downsides and preventing a move towards $1000. As long as the price is above $1000, there can be more gains.
On the upside, the 100 hourly simple moving average is also waiting near $1080 to act as a hurdle for the BTC buyers. So, there are chances of more gains in BTC/USD towards $1060 in the near term. If you are a buyer, then look to buy near $1025 with caution.
The hourly RSI for BTC/USD (data feed via Poloniex) is well above the 50 level, and heading higher towards the 70 level.
Chart Source – TradingView.com and data feed by Poloniex