Bitcoin BTC Price is Grinding Higher
Bitcoin BTC Price is Grinding Higher
Bitcoin price is grinding higher and it recently broke the $3,900 resistance against the US Dollar.
There is a key ascending channel formed with support at $3,850 on the hourly chart of the BTC/USD pair (data feed from Kraken)."Bitcoin BTC Price is Grinding Higher"
The price may decline a few points before it makes an attempt to clear the $4,000 resistance.
Bitcoin price is showing positive signs above $3,800 against the US Dollar. BTC remains well supported on the downside for more gains above $4,000.
Yesterday, we discussed that bitcoin price remains to buy on dips near the $3,700 level against the US Dollar. The BTC/USD pair remained in a nice uptrend and it moved above the $3,820 and $3,900 resistance levels. The price traded as high as $3,923 and it is currently correcting lower. It broke the $3,900 support, but it is placed well above the 100 hourly simple moving average.
At the outset, the price is testing the 23.6% Fib retracement level of the recent wave from the $3,646 low to $3,923 high. More importantly, there is a key ascending channel formed with support at $3,850 on the hourly chart of the BTC/USD pair. Should there be a downside break below the channel support, the price may test the $3,780 support. It represents the 50% Fib retracement level of the recent wave from the $3,646 low to $3,923 high. Therefore, if the price corrects lower in the short term, buyers may appear near $3,850 or $3,780.On the upside, a break above the $3,900 and $3,930 levels may push the price towards $4,000.
Looking at the chart, the bitcoin price is trading nicely above the $3,780 support. If there are more declines, the next key support is near the $3,750 and the 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD � The MACD for Bitcoin BTC/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) � The RSI is placed nicely above the 50 levels.
Major Support Level � $3,780
Major Resistance Level � $3,930
