Key Points
- Bitcoin price managed to stay above the $900 support against the US Dollar, which is a positive sign.
- There is a major breakout pattern formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD with resistance near $930.
- A break and close above the triangle resistance might open the doors for more gains towards $950.
Bitcoin price made a nice move versus the US dollar, and stayed above $900. More gains are possible in BTC/USD in the near term?
Bitcoin Price Breakout Approaching
There were no major swing moves in Bitcoin price this past week against the US Dollar, as after a dip towards $885, the price started recovering. There was an upside move, which pushed the price back above the $900 resistance. The price moved above the 23.6% Fib retracement level of the last decline from the $954 high to $885 low to start a recovery.
The best part was the close above the $900 resistance. The price also crawled above the $910 level. However, there is no major momentum, which could initiate a trending up-move. At the moment, the price is struggling near the 61.8% Fib retracement level of the last decline from the $954 high to $885 low. Moreover, there is a major breakout pattern formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. Its resistance is coinciding with the $928 resistance.
So, a break and close above the triangle resistance and the mentioned fib level could spark more gains towards $950. On the downside, the triangle support is at $910. Going forward, we would witness a break. The chances are of a move higher, but if the price fails to break $928-930, it might move down.
Looking at the technical indicators:
4-hours MACD – The MACD is in the bearish zone, but with no momentum.
4-hours RSI (Relative Strength Index) – The RSI is steady above the 50 level, which is a positive sign.
Major Support Level – $910
Major Resistance Level – $930
Charts courtesy – SimpleFX
