Bitcoin price after a sharp correction against the US Dollar found support near $960, and now BTC\/USD is trading above $1000 with a positive bias. <\/p>\n
Bitcoin price after a sharp correction against the US Dollar found support near $960, and now BTC\/USD is trading above $1000 with a positive bias. <\/p>\n
This past week, we saw a dive in BTC price towards $980 against the US Dollar. Later, the price found support and managed to recover above $1000. However, there was a major hurdle near $1040, as highlighted in this past weeks analysis. The same level represented the 61.8% Fib retracement level of the last decline from the $1120 high to $889 low. Moreover, the 100 simple moving average (4H) was aligned at $1030. The price was able to break these hurdles for an upside move. <\/p>\n
The most important break was above two bearish trend lines with resistance near $1010-1030 on the 4-hours chart (data feed from SimpleFX) of BTC\/USD. It has opened the doors for more gains in the near term. The price is lacking momentum at this moment above $1100. So, there is a chance of a minor dip towards the 23.6% Fib retracement level of the last wave from the $889 low to $1104 high. <\/p>\n<\/p>\n
The same broken resistance near $1040-20 might now act as a support and prevent losses. Buying dips may be a good idea as long as the price is above the 100 simple moving average (4H) and $1020. <\/p>\n
Looking at the technical indicators: <\/p>\n
4-hours MACD The MACD is now well placed into the bullish slope. <\/p>\n
4-hours RSI (Relative Strength Index) The RSI is comfortably moving above the 50 level. <\/p>\n
Major Support Level $1020 <\/p>\n
Major Resistance Level $1100 <\/p>\n<\/p>\n
Charts courtesy SimpleFX <\/p>\n
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Originally posted here: Bitcoin price after a sharp correction against the US Dollar found support near $960, and now BTC\/USD is trading above $1000 with a positive bias. Bitcoin price after a sharp correction against the US Dollar found support near $960, and now BTC\/USD is trading above $1000 with a positive bias Continue reading
\nBitcoin Price Weekly Analysis BTC\/USD Breaks Higher - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"