BTCUSD Price Technical Analysis – Ready to Make New Highs?

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BTCUSD Price Key Highlights

  • BTCUSD price recently surged past the $300 psychological level to a high of $306.91 before pulling back to an area of interest.
  • Using the Fibonacci retracement and extension tool on the correction move reveals that the next potential inflection points are at $310 and $313.50.

BTCUSD price might have enough bullish momentum to go for new highs, as it already completed the correction and bounced back to the resistance.

Technical Indicators Signal More Gains

Even with the FOMC statement spurring strong demand for the US dollar, BTCUSD was able to recover quickly after a brief selloff during the actual announcement. This suggests that the cryptocurrency’s rally has legs and that buyers refuse to let up.

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The 100 SMA is above the 200 SMA and is even moving farther away, indicating that bullish pressure is still building up. Stochastic and RSI are both pointing up, which means that buyers are in control of price action. However, both oscillators are also nearing the overbought levels so profit-taking might be possible soon.

If the current highs hold as resistance, BTCUSD price could still retreat to the area of interest around $295.30-$300, which could continue to hold as support.

Intraday support level – $295.30

Intraday resistance level – $313.50

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