Key Points Bitcoin price gained a lot of traction this past week versus the US Dollar, and traded higher above $700. There is a monster bullish trend line formed on the daily chart (data feed from SimpleFX) of BTC/USD, which acted as a catalyst for an upside move. If the current momentum continues, there is a chance of a move towards $750. Bitcoin price surged high further as forecasted in the last weekly analysis of BTC/USD. Now can the pair trade towards the $750 level this upcoming week? Bitcoin Price Upside Surge In the last week analysis, I mentioned that Bitcoin price is in an uptrend against the US Dollar , and buying must be favored. The price did move higher and broke a couple of important resistances for a move higher. The most critical break was above the $700 mark, which may now prove crucial in the short term. Recently, the price bounced from a major confluence support area. It was made up of a monster bullish trend line formed on the daily chart (data feed from SimpleFX) of BTC/USD. Plus, the 38.2% Fib retracement level of the last wave from the $625 low to $675 high acted as a support area . The price moved higher, and broke the swing high of $675, and then $700. No doubt, the price is in an uptrend, and may continue to move higher. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $626 low to $729 high. One may once again consider buying dips as long as the price is above the highlighted trend line support area. Looking at the technical indicators: Daily MACD – The MACD is comfortably placed in the bullish zone, suggesting more gains. Daily RSI (Relative […]
