- Bitcoin price remained well-supported above $2240 against the US Dollar, and looks set for more gains.
- There is a major ascending channel pattern with support at $2245 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX).
- A break and close above $2480 might call for a run towards the last high at $2684.
Bitcoin price is eyeing further gains above $2500 against the US Dollar, as there is a crucial bullish channel forming for BTC/USD.
Bitcoin Price to Retest $2680?
There was a decent uptrend formed after Bitcoin price tested the $1800 support against the US Dollar. The price slowly and steadily moved higher and traded above the $2150 and $2300 resistance levels. At the moment, it is well-supported above the $2240-2420 levels. During the upside move, the price broke the 50% Fib retracement level of the last decline from the $2684 high to $1805.
A close above $2300 is a great sign, and suggests further gains in BTC moving ahead. There is a major ascending channel pattern with support at $2245 forming on the 4-hours chart of BTC/USD. The channel resistance is at $2470-77, and the price is currently struggling to break it. The $2477 resistance also coincides with the 76.4% Fib retracement level of the last decline from the $2684 high to $1805. Therefore, a break above $2477 might open the doors for a move towards the previous all-time high at $2684.
On the downside, the channel support is at $2240, which holds the key for the current bullish trend. As long as the price is above $2200 and the 100 simple moving average (H4), there can be further gains in the near term.
Looking at the technical indicators:
4-hours MACD – The MACD is currently moving nicely in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is correcting overbought readings, but showing bullish signs.
Major Support Level – $2200
Major Resistance Level – $2480
Charts courtesy – SimpleFX
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