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.
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
