Key Points
- Bitcoin price stayed in the bullish zone, and rebounded successfully after a minor dip towards the $413-412 support area.
- BTC/USD is currently attempting to break a bearish trend line on the hourly chart (data feed from Bitstamp).
- A break above the trend line and resistance area might set BTC for more gains against the USD.
Bitcoin price remained above the 100 moving average, which a positive sign. Now can it gain pace and move above the $416-418 resistance area?
Bitcoin Price Sighting Gains?
Bitcoin price as stated in yesterday’s post showed a lot of positive signs and it continued to remain above a key support area of $410-415. As long as the price is above the stated levels, there is a chance of it gaining ground for a move towards $425 or may be even higher.
There was a minor dip recently in BTC/USD, but the price found support around the 100 hourly simple moving average, which holds a lot of significance for BTC to USD in the near term. Currently, the price is rebounding and attempting to clear a bearish trend line on the hourly chart (data feed from Bitstamp). If the bulls succeed in breaking the resistance area, then a move towards the last swing high of $420 is possible.
On the other hand, if the price fails, then it may move down towards a bullish trend line on the same chart. It would be interesting to see in that case whether BTC/USD can hold the trend line support or not. BTC may either bounce or break the support area for more losses in that situation. To sum it up, as long as $410 holds, BTCUSD remains in a bullish zone.
Looking at the technical indicators:
Hourly MACD – The hourly is likely to change slope from bearish to bullish, suggesting a break higher.
RSI (Relative Strength Index) – The RSI is just below the 50 levels, and waiting for the bulls to act.
Intraday Support Level – $410
Intraday Resistance Level – $418
Charts from Bitstamp; hosted by Trading View
