- Bitcoin price blasted higher recently against the US Dollar, but traded right at a major resistance area.
- There is a crucial connecting resistance trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which acted as a barrier or the buyers.
- The price is currently showing a lot of positive signs, and people may now look to buy BTC.
Bitcoin price jumped higher during the past few sessions versus the US Dollar, and also showing a lot of bullish signs on the 4-hours chart.
Bitcoin Price Upside Hurdle
Bitcoin price after trading in a range for quite some time against the US Dollar found buyers and started to move higher. There was a nice upside thrust, which took the price towards the $600 level. The buyers even managed to break the stated level to set a new high of $610. However, the upside was stalled near a major resistance zone, which may play a crucial role moving ahead.
At $610, there is a connecting resistance trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. And, the 1.618 extension of the last drop from the $592 high to $561 low is also around it. So, there is a major technical resistance formed near $610. This is the reason why, the BTC bulls were seen struggling near the stated resistance level.
So, there is a chance that the BTC/USD pair may correct a few points lower in the short term. However, the price remains in an uptrend, and any major correction can be seen as a buying opportunity.
Looking at the technical indicators:
4-hours MACD – The MACD is strongly placed in the bullish zone, which is a very good sign for the BTC buyers.
4-hours RSI (Relative Strength Index) – The RSI is around the overbought levels, which may ignite a minor correction.
Major Support Level – $590
Major Resistance Level – $610
Charts courtesy – SimpleFX