BTCUSD Price Technical Analysis – Aiming for $350?

bitcoin trading, btcusd, bitcoin price

BTCUSD Price Key Highlights

  • BTCUSD price seems unstoppable in its recent climb, as it has been breaking one resistance level after another.
  • Price completed its shallow pullback and has gained enough bullish momentum to set its sights on the top of the rising channel on its daily time frame.

BTCUSD price could hit the $350 mark soon, assuming bulls stay in control and US dollar traders continue to doubt that the Fed can hike interest rates by December.

Potential Profit-Taking

Keep in mind, however, that the end of the week and month typically spurs profit-taking activity across financial markets, which suggests that BTCUSD price might dip a little. Still, technical indicators are showing that the rally is likely to carry on.

The 100 SMA is above the longer-term 200 SMA on the daily time frame, confirming that the path of least resistance is to the upside. However, both RSI and stochastic are already indicating overbought conditions, suggesting that bullish momentum might fade soon.

bitcoin trading, btcusd, bitcoin price

The oscillators haven’t crossed down from the overdone levels though, which means that there’s still a bit of buying pressure left and that sellers haven’t taken over just yet. In that case, BTCUSD price could have an extra push all the way up to $350 before profit-taking ensues.

Event risks for the US dollar include the release of the core PCE price index, along with personal spending and income data. The advance GDP reading showed a weaker than expected 1.5% growth figure, keeping a lid on dollar gains.

Charts from TradingView

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Samuel Rae is an active retail trader across a variety of assets, including currencies, stocks and commodities and the author of Diary of a Currency Trader (Harriman House). His personal strategy focuses primarily on classical technical charting patterns with a fundamentally supportive bias, combined with a strict, risk management-driven approach to entries and exits. He is an Economics graduate from Manchester University, UK.