Key Points
- Bitcoin price traded lower this past week and tested the $12,600 support against the US Dollar.
- There was a break above a major bearish trend line with resistance at $13,800 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
- The price has to break the $14,500 level and the 100 simple moving average to gain upside momentum.
Bitcoin price is stable above the $12,600 against the US Dollar. BTC/USD could soon gain momentum above $14,500 to move past $15,000 in the near term.
Bitcoin Price Upside Move
This past week was slightly bearish for bitcoin price as it moved below the $14,000 level against the US Dollar. The price traded lower and moved towards the $12,200 level. A low was formed at $12,670 from where the price started an upside move. It traded above the $13,000 level and the 23.6% Fib retracement level of the last decline from the $17,112 high to $12,670 low.
During the upside, there was a break above a major bearish trend line with resistance at $13,800 on the 4-hours chart of BTC/USD. The pair managed to move above the $13,900 level. However, the upside move was protected by the $14,000 level and the 100 simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $17,112 high to $12,670 low also acted as a resistance. It seems like the price has to move above the $14,500 level and the 100 SMA to gain upside momentum.
Once there is a break above the $14,500 level, there are chances of it breaking the $15,000 level in the near term. The overall bias is stable above the $12,500 level with an initial support on the downside at $13,200.
Looking at the technical indicators:
4-hours MACD – The MACD is showing a few positive signs of a trend change.
4-hours RSI (Relative Strength Index) – The RSI is struggling to move above the 50 level.
Major Support Level – $12,500
Major Resistance Level – $14,500
Charts courtesy – SimpleFX
