BTCUSD Price Technical Analysis
- BTCUSD price had been moving inside a falling wedge on its longer-term time frame, but the recent upside breakout suggests that the downtrend is already over.
- Price had been trading inside a rising channel visible on its daily chart and is currently making its way to test the resistance.
Increased bullish pressure could allow BTCUSD price to break above the rising channel resistance on its daily time frame and seal the uptrend.
Nearby Resistance at $350
Before BTCUSD price heads any further north, it could encounter a roadblock at the $350-400 levels, which could hold as psychological barriers. Plenty of sell limits or profit-taking orders might be located around these levels, forcing price to retreat.
Stochastic is still on the move up but is already in the overbought zone, suggesting that buying pressure could fade sooner or later. RSI is still on the move up, which means that buyers are willing to push for more gains.
In addition, BTCUSD price is nearing the 100 SMA and might be ready to move above it, further adding confirmation that a long-term uptrend is taking place. If so, price could head up to the next area of interest near the $600 mark eventually.
Intraday support level – $300
Intraday resistance level – $350
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