- Bitcoin price after a downside move towards $889 found buyers and recovered against the US Dollar.
- This past week’s highlighted two bearish trend lines with resistance near $1010-1030 on the 4-hours chart (data feed from SimpleFX) of BTC/USD was cleared.
- The price might dip a few points towards $1030, but likely to find buyers.
Bitcoin price after a sharp correction against the US Dollar found support near $960, and now BTC/USD is trading above $1000 with a positive bias.
Bitcoin Price Bullish Trend
This past week, we saw a dive in BTC price towards $980 against the US Dollar. Later, the price found support and managed to recover above $1000. However, there was a major hurdle near $1040, as highlighted in this past week’s analysis. The same level represented the 61.8% Fib retracement level of the last decline from the $1120 high to $889 low. Moreover, the 100 simple moving average (4H) was aligned at $1030. The price was able to break these hurdles for an upside move.
The most important break was above two bearish trend lines with resistance near $1010-1030 on the 4-hours chart (data feed from SimpleFX) of BTC/USD. It has opened the doors for more gains in the near term. The price is lacking momentum at this moment above $1100. So, there is a chance of a minor dip towards the 23.6% Fib retracement level of the last wave from the $889 low to $1104 high.
The same broken resistance near $1040-20 might now act as a support and prevent losses. Buying dips may be a good idea as long as the price is above the 100 simple moving average (4H) and $1020.
Looking at the technical indicators:
4-hours MACD – The MACD is now well placed into the bullish slope.
4-hours RSI (Relative Strength Index) – The RSI is comfortably moving above the 50 level.
Major Support Level – $1020
Major Resistance Level – $1100
Charts courtesy – SimpleFX