Bitcoin price gained bids against the US Dollar to trade above a crucial hurdle ($1000). BTC\/USD now has moved into the bullish zone with buy dips approach. <\/p>\n
Bitcoin price gained bids against the US Dollar to trade above a crucial hurdle ($1000). BTC\/USD now has moved into the bullish zone with buy dips approach. <\/p>\n
It looks like Bitcoin price managed to recover well during the past week against the US Dollar, as it moved above $1000. There was a perfect structure formation for a recovery. The best part was a close above the $1000 level, and also above the 100 simple moving average (H4). The same 100 SMA may now act as a support on the downside near $1023 if the price moves down. <\/p>\n
There are a few important support levels formed on the downside near $1020 and $1000. The 23.6% Fib retracement level of the last wave from the $916 low to $1056 high is positioned at $1023. It is perfectly aligned with the 100 SMA. It means there is a crucial support formation near $1023. Below $1023, there is a nice bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC\/USD. <\/p>\n<\/p>\n
It can be considered as a buy zone, as the trend line is moving higher and might slowly align near $1020. Overall, the price remains supported on the downside near $1023 and the trend line. As long as there is no close below $1000, one may consider buying on dips. <\/p>\n
Looking at the technical indicators: <\/p>\n
4-hours MACD The MACD is in the bullish zone and suggesting positive signs. <\/p>\n
4-hours RSI (Relative Strength Index) The RSI is moving down from the overbought levels, but remains well above the 50 level. <\/p>\n
Major Support Level $1020 <\/p>\n
Major Resistance Level $1050 <\/p>\n<\/p>\n
Charts courtesy SimpleFX <\/p>\n
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See more here: Bitcoin price gained bids against the US Dollar to trade above a crucial hurdle ($1000). BTC\/USD now has moved into the bullish zone with buy dips approach. Bitcoin price gained bids against the US Dollar to trade above a crucial hurdle ($1000) Continue reading
\nBitcoin Price Weekly Analysis BTC\/USD Remains a Buy - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"