- Bitcoin price is currently trading higher and well above the $1300 handle against the US Dollar.
- There is a monster ascending channel with support at $1280 formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD.
- The price is testing the channel resistance area at $1350, and may correct lower in the near term.
Bitcoin Price Upside Surge
There were a couple of dips in Bitcoin price towards $1260 and $1280 against the US Dollar. However, the price remained supported on the downside near $1250. Every time there was a decline, the price bounced back and moved above $1300. At the moment, the price is trading well above the $1300 level, and looking to extend gains. There was a break above the 1.236 extension of the last decline from the $1319 high to $1295 low. It has opened the gates for another swing wave in the near term.
The price is following a monster ascending channel with support at $1280 formed on the 4-hours chart of BTC/USD. The same channel provided support on the dips near $1250-40. At the moment, the price is trading near the channel resistance area at $1350. It is acting as a hurdle, and may ignite a minor downside move towards $1320. The stated level also coincides with the 23.6% Fib retracement level of the last wave from the $1221 low to $1350 high.
So, if the price declines in the near term, it is likely to find support at $1320. However, the most important support is near the 50% Fib retracement level of the last wave from the $1221 low to $1350 high at $1285.
Looking at the technical indicators:
4-hours MACD – The MACD is currently super bullish.
4-hours RSI (Relative Strength Index) – The RSI is moving around the 70 level in the bullish zone.
Major Support Level – $1285
Major Resistance Level – $1350
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