Is Bitcoin Ready To Test $450 USD?

Bitcoin Price Spike
Photo Credit fxnewscall.com

In Our news story of a few days ago, Bitcoin Price Near-Term Neutral, we stated, “After shooting up in price to near $500 USD late last year, the price of Bitcoin has been consolidating in the $400’s for the past two months. Technical analysis shows a near term neutral stance on Bitcoin’s price.” That process of consolidating in the $400’s is continuing.

We believe that Bitcoin has reached a temporary plateau and is currently building a base in the lower half of the $400’s from which it will launch its next rapid rise.

FXnewscall.com believes that the next target for Bitcoin is the $450 level:

Bitcoin price stayed in a bullish territory this week against the US Dollar, and it looks like there is a chance of it gaining in the short term. There is an ascending channel pattern formed on the 4-hours chart of BTCUSD, which may play a crucial role for both buyers and sellers moving ahead.

No doubt, BTC buyers are struggling to gather pace, but since the price is above the 100 simple moving average (H4), there is a possibility of a spike higher before it finds sellers.

If the highlighted channel support trend line holds, then the price may spike once towards the upper channel resistance trend line. The 76.4% Fib retracement level of the last drop from the $448 high to $409 low is acting as a hurdle for buyers.

>> Read the full article at fxnewscall.com