- Bitcoin price traded higher this past week against the US Dollar, and currently remains in an uptrend.
- There is a crucial bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which can be considered as a buy zone on the downside at $760.
- The pair may decline a bit as a part of a correction in the short term before moving higher.
Bitcoin price is comfortably placed in a bullish trend against the US Dollar, and it looks like BTC/USD is all set to form a new high above $800.
Bitcoin Price Downside Support
There was a nice upside surge in BTC price this past week, as buyers managed to outpace the USD market sentiment. There was a boost for the Bitcoins, which took the price higher. The price traded as high as $807 before the price started consolidating gains. The price is currently correcting lower, and already tested the 23.6% Fib retracement level of the last wave from the $684 low to $807 high.
The last few candles on the 4-hours chart are signaling a minor correction in BTC/USD. So, there is a chance that the price breaks the $775 level for further declines. On the downside, the most important support is near a crucial bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. The same trend line holds a lot of significance, as the 100 simple moving average (H4 chart) is also positioned near it. Moreover, the 38.2% Fib retracement level of the last wave from the $684 low to $807 high is also around the same trend line.
Overall, the trend is bullish for Bitcoin price, and any dips from the current levels may be considered as a buying opportunity.
Looking at the technical indicators:
4-hours MACD – The MACD is currently in the bullish zone, but showing signs of a minor correction.
4-hours RSI (Relative Strength Index) – The RSI is well above the 50 level, which is a positive sign.
Major Support Level – $760
Major Resistance Level – $800
Charts courtesy – SimpleFX