he bitcoin price gaining ground and breaking the Resistance levels of $ 13,500 and $ 13,800 against the US dollar. It is likely that BTC continue higher for above $ 14,000 resistance.
- Bitcoin is up more than 5% and broke the main resistance level of $ 13,500.
- he price it is trading with a positive angle above $ 13,800 and the 100 hour simple moving average.
- There was a break above a major downtrend line with resistance near $ 13,100 on the hourly chart of the BTC / USD pair (Kraken data feed).
- It is likely that the pair I win force above Short term resistance level of $ 14,000.
Bitcoin price is on the rise
he The price of Bitcoin has remained in a positive zone
after cleaning the area resistance $ 13,500 key.
BTC has traded well above the $ 13,500 level and the 100-hour simple moving average to open the doors to more profit.
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More importantly, there was a breakout above a major downtrend line with a resistance near $ 13,100 on the hourly chart of the BTC / USD pair. The pair gained momentum and even broke the resistance level of $ 13,800.
A top form near $ 13,851 and the price shows no major signs of trend exhaustion. If there is a downward correction, the $ 13,750 level is initial support. It is near the 23.6% Fib retracement level of the recent wave from the low of $ 13,352 to the high of $ 13,851.
The first major support is near the $ 13,600 level. It represents the 50% Fib retracement level of the recent wave from the low of $ 13,352 to the high of $ 13,851.
On the upside, the $ 13,850 level is short term resistance. Major resistance is near the $ 14,000 level, above which the bulls are expected to gain ground for another rally. The next stop could cost $ 14,200 or even $ 14,400.
Downward correction in BTC?
If bitcoin fails to break above the resistance levels of $ 13,850 or $ 14,000, there is a risk of a short-term downward correction. Initial support is near the $ 13,750 area.
Primary support is near the $ 13,600 and $ 13,500 levels, below which there is a chance for a further drop to the $ 13,000 support level (the previous breakout area).
Technical indicators:
Hourly MACD – MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 50 level, with positive signs.
Major Support Levels – $ 13,750, followed by $ 13,600.
Major Resistance Levels – $ 13,850, $ 14,000 and $ 14,000.