Bitcoin Price Watch: BTC Set For Further Gains, Downsides Limited
Bitcoin price stayed above the key $3,560 support area, with range moves against the US Dollar.
This’s week’s followed bearish trend line is intact with resistance at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price could gain bullish momentum if there is a proper close above $3,590 and $3,600.
Bitcoin price is trading nicely in a bullish zone above $3,560 against the US Dollar. BTC is likely to accelerate gains above $3,600 as long as the price stays above the $3,540 support.
Bitcoin Price Analysis
After trading as low as $3,538, bitcoin price moved higher against the US Dollar. The BTC/USD pair broke the $3,560 and $3,575 resistance levels. There was even a spiked above the $3,600 resistance and the 100 hourly simple moving average. However, the price struggled to hold gains above the $3,600 and $3,610 levels. It was rejected near the 61.8% Fib retracement level of the downside move from the $3,660 high to $3,538 low. The price declined below $3,580, but there was a fresh upward move above the $3,600 level. A new intraday high was formed at $3,632 and the price dipped below $3,585.
Sellers pushed the price below the 61.8% Fib retracement level of the last wave from the $3,538 low to $3,632 high. However, the decline was protected by the key $3,560 support area. Besides, the 76.4% Fib retracement level of the last wave from the $3,538 low to $3,632 high acted as a support. At the outset, the price is moving higher towards the $3,600 resistance. More importantly, this week’s followed bearish trend line is intact with resistance at $3,590 on the hourly chart of the BTC/USD pair. Therefore, a successful break above the trend line and $3,600 is must for buyers to gain traction. The next targets for buyers could be $3,630 and $3,680 in the near term.
Looking at the chart, bitcoin price is confined in a tiny range below the $3,600 resistance. On the downside, the main support is at $3,560, below which there is a risk of a drop towards the $3,530 support area. Should sellers regain strength, there are chances of an extended correction towards the $3,480 level. An intermediate support is at $3,515 and $3,516. These levels represent the 1.236 Fib extension level of the last wave from the $3,538 low to $3,632 high.
Hourly MACD – The MACD is mostly flat in the bearish zone, with a few positive signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD just moved above the 50 level, but it shows lack in momentum.
Major Support Level – $3,560
Major Resistance Level – $3,600
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