Bitcoin Price Technical Analysis

BTC Price Tech Analysis – BTC/USD Trend Overwhelmingly Bullish

Avatar Aayush Jindal 3 years ago

Key Points

  • Bitcoin price surged higher against the US Dollar to challenge the $850-60 area (data feed from SimpleFX).
  • Once there was a break above the $800 handle, the BTC buyers took control and took the price higher by $50.
  • If the price corrects lower, then there is a bullish trend line on the hourly chart (data feed from SimpleFX) of BTC/USD waiting at $850 to act as a support.

Bitcoin price posted heavy gains against the US Dollar, and it looks like the current trend for the BTC/USD pair is super bullish.

Bitcoin Price Uptrend

Recently, we saw how there was a crucial break in Bitcoin price against the US Dollar. The BTC buyers managed to overcome all odds and cleared a major barrier at $800. It was a super strong resistance, and acted as a resistance on many occasions. Once there was a break, it meant that the price may surge higher. The price did move higher and posted gains more than $50.

All current timeframe charts point a strong bullish trend for BTC. The price recently traded above $860 (data feed from SimpleFX). On other brokers it is above $840, and about to challenge $850. Currently, it looks like the price is trading in a range and consolidating. So, there is a chance of a minor correction in the short term. In that case, there is a connecting bullish trend line on the hourly chart (data feed from SimpleFX) of BTC/USD.

Bitcoin Price Technical Analysis

The trend line support also aligns with the 38.2% Fib retracement level of the last leg from the $841 low to $864 high. If you are looking to buy, then consider it on dips near the trend line support.

Looking at the technical indicators:

Hourly MACD – The MACD is super bullish, and suggesting more gains.

Hourly RSI (Relative Strength Index) – The RSI is well in the overbought levels, and may ignite a correction.

Major Support Level – $850

Major Resistance Level – $865

 

Charts courtesy – SimpleFX

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