- Bitcoin price traded higher this past week and settled above $1400 (data feed from SimpleFX) against the US Dollar.
- There is an expanding triangle with support at $1405 formed on the 4-hours chart of BTC/USD.
- The price is about to rise with a chance of break above the $1450 resistance in the near term.
Bitcoin price was in a bullish trend this past week against the US Dollar, and it looks like BTC/USD may extend gains above $1450 in the near term.
Bitcoin Price Buy and Dip Scenario
This past week, we discussed how Bitcoin price established a bullish trend above $1250 against the US Dollar. There was even a monster ascending channel with support at $1285-80 formed on the 4-hours chart of BTC/USD. It acted as a perfect support zone, and later the price broke its resistance for a move above $1350. The upside move was very sharp, as the price broke past $1400 as well. A new monthly high at $1447 was formed (data feed from SimpleFX).
Later, the price started a correction, and moved below the $1400 to trade as low as $1363. There is an expanding triangle with support at $1405 formed on the 4-hours chart of BTC/USD. It acted as a major barrier for sellers and pushed the price back above $1380. There was a clear break above the 50% Fib retracement level of the last decline from the $1447 high to $1363 low. The price also managed to settle above the $1400 handle, and traded with a positive bias.
At the moment, the price is struggling to break the 76.4% Fib retracement level of the last decline from the $1447 high to $1363 low. So, there is a chance of a minor dip towards $1410-05 before the price resumes its uptrend. The overall trend remains bullish as long as the price is above $1380.
Looking at the technical indicators:
4-hours MACD – The MACD is currently reducing the bullish slope.
4-hours RSI (Relative Strength Index) – The RSI is moving well above the 50 level.
Major Support Level – $1380
Major Resistance Level – $1440
Charts courtesy – SimpleFX