Bitcoin price is gaining traction and it broke $13,500 and $13,800 resistance levels against the US Dollar. BTC is likely to continue higher above the $14,000 resistance.
- Bitcoin is up over 5% and it surpassed the main $13,500 resistance level.
- The price is trading with a positive angle above $13,800 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $13,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to gain strength above the $14,000 resistance level in the near term.
Bitcoin Price is Gaining Momentum
Bitcoin price remained in a positive zone after it cleared the key $13,500 resistance zone. BTC settled nicely above the $13,500 level and the 100 hourly simple moving average to open the doors for more gains.
More importantly, there was a break above a major bearish trend line with resistance near $13,100 on the hourly chart of the BTC/USD pair. The pair gained momentum and it even broke the $13,800 resistance level.
A high is formed near $13,851 and the price is showing no major signs of trend exhaustion. If there is a downside correction, the $13,750 level is an initial support. It is close to the 23.6% Fib retracement level of the recent wave from the $13,352 swing low to $13,851 high.
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