- Bitcoin price managed to stay higher against the US Dollar and looking positive on the lower timeframe.
- There are a couple of bullish trend lines formed on the hourly chart (data feed from Bitstamp), which can be considered as a buy zone for the price.
- BTCUSD price might head higher in the near term, and could test the $425 levels.
Bitcoin price is slowly and steadily moving higher, and it looks like it may continue to grind higher as long as it is above $420.
Bitcoin Price – Trend Line Support
Bitcoin price made a nice attempt to trade higher, and it looks like it was succeeded to some extent. There was a minor upside move, as the BTCUSD pair traded near the $420 level. There are a couple of bullish trend lines formed on the hourly chart (data feed from Bitstamp), which are acting as a catalyst in taking the price higher in the near term.
The price just spiked towards the 76.4% Fib retracement level of the last drop from the $421 high to $406 low, but struggled to close above it. However, it looks like the price may move higher. It is also well placed above the 100 simple moving average (H1, data feed from Bitstamp), suggesting bullish signs.
A break above $420 level could take the price towards the last swing high or even towards the 1.236 extension of the last drop from the $421 high to $406 low. On the downside, the trend lines support area along with the 100 MA may play a major role in the short term.
Looking at the technical indicators:
Hourly MACD – The hourly MACD is in the bullish zone, calling for more gains.
RSI (Relative Strength Index) – The RSI is well above the 50 level, which is a positive sign for the bulls.
Intraday Support Level – $412
Intraday Resistance Level – $420
Charts from Bitstamp; hosted by Trading View