- Bitcoin price climbed higher this past week against the US Dollar, and currently showing a lot of bullish signs.
- There was a bearish trend line on the hourly chart (data feed from Bitstamp) of BTC/USD, which was broken during the upside drift.
- Buying dips remain a good option in the short term, as long as the price stays above $440.00.
Bitcoin price grinded higher this past week and broke a major resistance area. There are clear signals for more gains in BTC/USD moving ahead.
Bitcoin Price- Are you looking to buy?
Bitcoin price climbed higher this past week against the US dollar and broke a few important barriers on the way to set the pace for more gains. BTC/USD buyers also cleared a bearish trend line on the hourly chart (data feed from Bitstamp), which can be seen as a bullish sign and might take the price further higher. Currently, the price is struggling near the $457-60 resistance area and facing offers.
So, there is a chance of BTC moving down a few points before climbing once again. If you are looking to buy, then an initial support on the downside is around the 50% Fibonacci retracement level of the last wave from the $444 low to $457 high. However, the most important support and a buy zone is near the broken trend line, which is also coinciding with the 61.8% Fibonacci retracement level of the same wave.
Overall, one may consider buying near $450-445 with a stop of an hourly close below the 100 simple moving average.
Looking at the technical indicators:
Hourly MACD – The MACD is in the bullish zone, suggesting positive signs in the near term for BTC/USD.
Hourly RSI (Relative Strength Index) – The RSI is around the overbought levels, calling for a minor correction.
Major Support Level – $450
Major Resistance Level – $457
Charts from Bitstamp; hosted by Trading View