Bitcoin price remained elevated against the US Dollar, and it looks like BTC/USD may soon attempt a retest of the $1700 level in the near term.
This past week, there was a sharp increase in Bitcoin price, as it tested the $1700 level against the US Dollar. The best part was that there were many resistances break like $1500 and $1600. A solid trend as forecasted in the last weekly analysis above $1450 is established, and we may see more upsides. The price recently tested $1700 (data feed from SimpleFX), but could not break it for a move towards $1720. Later, it started a correction wave and moved below the $1600 support.
It traded as low as $1506 where it found support. At the moment, there are two bullish trend lines formed with support at $1550 and $1525 on the 4-hours chart of BTC/USD. These both trend lines are important for more gains above $1620. The price is already above the 23.6% Fib retracement level of the last decline from the $1700 high to $1506 low.
So, there are high chances of BTC gaining traction and moving above $1650. Currently, it is attempting a break above the 50% Fib retracement level of the last decline from the $1700 high to $1506 low at $1605. If it succeeds, it could open the doors for a full test of the last swing high at $1700. The overall trend remains bullish as long as the price is above $1520.
Looking at the technical indicators:
4-hours MACD – The MACD is currently under minor divergence.
4-hours RSI (Relative Strength Index) – The RSI is moving higher and is above the 50 level.
Major Support Level – $1520
Major Resistance Level – $1650
Charts courtesy – SimpleFX
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