Bitcoin price is rising steadily and it even broke the $14,000 resistance against the US Dollar. BTC is showing positive signs and it seems like US election results might trigger swing moves.
- Bitcoin remained in a positive zone and it climbed above the $14,000 resistance zone.
- The price traded to a new 2020 high at $14,338 and it is well above the 100 hourly simple moving average.
- There is likely a rising channel forming with support near $13,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct a few points, but the bulls are likely to eye a break towards $14,500 or even $15,000.
Bitcoin Price is Gaining Momentum
After a successful close above the $13,800 resistance, bitcoin price started a steady increase. BTC broke the main $14,000 resistance level and settled nicely above the 100 hourly simple moving average.
The price cleared the $14,200 zone and traded to a new 2020 high at $14,338. It is currently following bullish path and showing a lot of positive signs above the $14,000 level. If there is a downside correction, an initial support is near the $14,150 level.
The 23.6% Fib retracement level of the recent rise from the $13,545 swing low to $14,388 high is also near $14,150. It seems like there is a rising channel forming with support near $13,950 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The channel support is near the 50% Fib retracement level of the recent rise from the $13,545 swing low to $14,388 high. On the upside, the $14,350 level is a short-term resistance.
A clear break above the channel resistance and $14,350 could open the doors for a push towards $14,500. The next major stop for the bulls may possibly be near the $15,000 level in the near term.
Dips Supported in BTC?
If bitcoin starts a downside correction, it could find bids near the $14,150 level. The first major support on the downside is near the $14,000 level and then the channel lower trend line.
A downside break below the $14,000 level and the channel support could push the price towards the $13,800 support or even towards the 100 hourly simple moving average.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
Major Support Levels – $14,150, followed by $14,000.
Major Resistance Levels – $14,350, $14,500 and $15,000.
