Bitcoin price traded to a new monthly high at $13,352 before correcting lower against the US Dollar. BTC is currently trading nicely above the 100 hourly SMA and it could attempt another increase.
- Bitcoin is trading nicely above the $12,800 and $13,000 support levels.
- The price is holding gains above the 100 hourly simple moving average, with a positive angle above towards $13,300.
- There is a crucial bullish trend line forming with support near $12,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher as long as it is above the 100 hourly SMA and $12,800.
Bitcoin Price Is Showing Positive Signs
Bitcoin price remained well bid above the 13,000 resistance and extended its rise. BTC even broke the last high at $13,250 and traded to a new monthly high at $13,352.
Recently, there was a downside correction and the price broke the $13,000 support. The decline found support near the $12,800 zone and the 100 hourly simple moving average. There is also a crucial bullish trend line forming with support near $12,900 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Bitcoin is currently rising and trading above the $13,000 level. There was a break above the 50% Fib retracement level of the recent decline from the $13,352 high to $12,834 low.
An immediate resistance is near the $13,150 level. It is close to the 61.8% Fib retracement level of the recent decline from the $13,352 high to $12,834 low. To continue higher, BTC must gain momentum above the $13,200 level.
If there is a daily close above the $13,200 level, the price is likely to accelerate higher above $13,350. The next major resistance on the upside is near the $13,500 level.
Downside Break in BTC?
If bitcoin fails to climb above the $13,150 and $13,200 resistance levels, there could be a fresh decline. The first major support is near the 100 hourly SMA at $13,000.
The main support is near the trend line at $12,900, below which the bulls might even struggle to protect the $12,800 support level in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level, with a positive angle.
Major Support Levels – $13,000, followed by $12,900.
Major Resistance Levels – $13,150, $13,200 and $13,500.