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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.

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.

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.

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.

Looking at the technical indicators:

4-hours MACD The MACD is now well placed into the bullish slope.

4-hours RSI (Relative Strength Index) The RSI is comfortably moving above the 50 level.

Major Support Level $1020

Major Resistance Level $1100

Charts courtesy SimpleFX

Link:
Bitcoin Price Weekly Analysis BTC/USD Breaks Higher - newsBTC