Bitcoin price traded above the $14,000 resistance before correcting lower against the US Dollar. BTC is currently consolidating gains and it must stay above the 100 hourly SMA for a fresh increase.
- Bitcoin started a downside correction after forming a high near the $14,080 level.
- The price is trading above the $13,600 support and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $13,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must stay above $13,550 and the100 hourly simple moving average to continue higher.
Bitcoin Price Holding Gains
This past week, there was a steady rise in bitcoin price above the $13,500 resistance. BTC broke the $13,800 resistance and settled well above the 100 hourly simple moving average.
The price even spiked above the $14,000 resistance before starting a downside correction. There was a break below the $13,800 support level. The price also traded below the 50% Fib retracement level of the upward move from the $13,430 swing low to $14,076 high.However, the price remained well bid above the $13,600 and $13,500 support levels. There is also a major bullish trend line forming with support near $13,580 on the hourly chart of the BTC/USD pair.
Source:The trend line is close to the 61.8% Fib retracement level of the upward move from the $13,430 swing low to $14,076 high. The 100 hourly simple moving average is also following the trend line at $13,850.