Key Points
- Bitcoin price is gaining pace and will most likely break the 00 resistance against the US Dollar.
- There is a major bullish trend line forming with support at 00 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
- The pair is now well supported above the 00 and 00 support levels for more gains.
Bitcoin price remains well in the bullish zone above 00 against the US Dollar. BTC/USD might break 00 soon and could even test 00.
Bitcoin Price Remains Buy on Dips
There were monster gains in Bitcoin price as it moved above 00 and 00 against the US Dollar. The price gained a lot of pace and buyers succeeded in even breaking the 00 resistance. A recent high was formed near 77. Before 77, there was a swing high formed at 38 for a downside correction. Sellers pushed the price back towards 00 and a low was formed at 45.
Later, the price recovered sharply and moved back above 00. There was even a close above the 76.4% Fib retracement level of the last drop from the 38 high to 45 low. It opened the doors for more gains above 38. It seems like price would soon break 00 and test the 1.236 Fib extension of the last drop from the 38 high to 45 low at 55. Above the 55 level, the next target could be the 1.618 Fib extension of the last drop from the 38 high to 45 low around 00.
If buyers remain in control, there is even a chance of a test of 00 in the coming days. On the downside, there is a major bullish trend line forming with support at 00 on the 4-hours chart of BTC/USD, which is also a buy zone.
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 near the 70 level.
Major Support Level – 00
Major Resistance Level – 50
Charts courtesy – SimpleFX
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