Bitcoin Price Analysis: BTC/USD Remains In Uptrend
Bitcoin price extended gains and remained above the $1120 support against the US Dollar. Now, BTC/USD is about to test the $1135 support.
There are two bullish trend lines with support at $1132 is formed on the hourly chart of BTC/USD (data feed via Poloniex), which may continue to act as strong support.
Bitcoin Price Support
There was a nice upside move in BTC to USD towards $1160, as the price was above to gain momentum. A new high at $1164 was formed from there was a correction wave initiated. The price moved below the $1150 and traded towards $1120.
There was a move below the 23.6% Fib retracement level of the last wave from the $1080 low to $1064 high. However, the downside move was prevented near $1120, which acted as a strong support.
The same level also coincided with the 50% Fib retracement level of the last wave from the $1080 low to $1064 high. The most important thing is two bullish trend lines with support at $1132 on the hourly chart of BTC/USD (data feed via Poloniex).
These two trend lines are a strong support at $1130. So, the price is likely to remain supported on the downside above $1120. Also, the 100 hourly simple moving average is below the trend lines at $1118.
In short, there are many support levels on the downside at $1120. As long as the price is above $1120, there can be continuing gains in BTC to USD.
On the upside, an initial resistance at $1142. A break above it could call for a complete test of the last swing high at $1166.
The hourly RSI for BTC/USD (data feed via Poloniex) is just above 50 level, and remains positive towards 60.
Chart Source – TradingView.com and data feed by Poloniex