Bitcoin price remained well bid above $13,300 and started a fresh increase against the US Dollar. BTC is back above $13,700 and it is likely to continue higher in the near term.
- Bitcoin started a fresh upward move after it found a strong support near $13,300.
- The price is now trading well above $13,600 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $13,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is consolidating gains above the 100 hourly SMA and it could climb again above $13,800.
Bitcoin Price is Showing Positive Signs
After retesting the $13,300 support zone, bitcoin price started a fresh increase. There was a steady rise above the $13,500 and $13,600 resistance levels. BTC even surged above $13,800 and settled above the 100 hourly simple moving average.
There was also a break above a major bearish trend line with resistance near $13,700 on the hourly chart of the BTC/USD pair. Finally, there was a spike above the $14,000 resistance. A high is formed near $14,065 and the price is currently correcting gains.
It broke the $13,800 level, and traded below the 23.6% Fib retracement level of the recent increase from the $13,306 swing low to $14,065 high.