Key Points
- Bitcoin price overcame all odds of the Hard Fork and moved to a new high of $3328 against the US Dollar.
- There is a monster bullish trend line with support at $2800 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX).
- The price is currently moving lower, but remains well supported near $3120 and $3000.
Bitcoin price is gaining pace against the US Dollar and other cryptocurrencies, and now BTC/USD is all set for a run towards the $3500 level.
Bitcoin Price Rise
Bitcoin price was under pressure this past week due to the Hard Fork and consolidated near $2700 against the US Dollar. Later, the price overcame all odds of the Hard Fork and moved to a new all-time high of $3328. The price traded with a lot of positive bias above $2500. It broke many hurdles on the way up such as the $3000 and $3100 levels. The most important break was above the $2920 pivot, which opened the doors for more gains.
The price traded as high as $3328 and currently placed well above the 100 simple moving average (H4). A correction wave was initiated recently and the price is trading near $3220. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $2644 low to $3328 high. However, the chances of any major declines are limited as long as the price is above $3000.
The 50% Fib retracement level of the last wave from the $2644 low to $3328 high and the $2950 level may act as a strong support. The price is likely to continue higher and might soon break the $3300 level for a run towards $3500.
Looking at the technical indicators:
4-hours MACD – The MACD is strongly placed in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently in the overbought zone.
Major Support Level – $3000
Major Resistance Level – $3300
Charts courtesy – SimpleFX
