BTC/USD Sets New ATH Above $5140

12 October, 2017

BTC/USD Sets New ATH Above $5140

Bitcoin price traded to a new all-time high at $5149 against the US Dollar. BTC/USD remains buy on dips near the $5000-4900 levels.

Bitcoin Price Chart Analysis


In yesterday’s analysis, I mentioned the chances of bitcoin price moving above the $4900 level against the US Dollar. The price did break the $4900 level and even surpassed the $5000 handle.

The best part was a break of the last all-time high as a new high was formed at $5149 from where the price started correcting lower. An initial support is around the 23.6% Fibonacci retracement level of the last wave from the $4715 low to $5149 high.

More importantly, yesterday’s highlighted key bullish trend line with current support at $4880 on the hourly chart of BTC/USD (data feed by Kraken) might continue to play a major role for buyers in the near term.

Further below $5040, the 50% Fibonacci retracement level of the last wave from the $4715 low to $5149 high is at $4930 to act as a key support. Any more downsides could take the price towards last major resistance near $4875, which has turned into a crucial support.

The current price action is very positive and suggesting a strong bullish bias formation above $4880. As long as the price remains above the trend line support and $4875, there can be at least a retest of $5150.

Above $5150, the price could approach $5240, which is the fib extension of the last wave. The hourly RSI for BTC/USD has reached the extreme overbought levels near 82. It means there can be a short-term correction towards $5040 or even $4900 before the price resumes its uptrend.

Key Talking Points

  • Bitcoin price surged above the last high and moved to a new all-time high at $5149 (data feed by Kraken) against the US Dollar.
  • Yesterday’s highlighted key bullish trend line with current support at $4880 on the hourly chart of BTC/USD remains a good buy zone.
  • The broken resistance at $4875 now turned a good short-term support zone.

Source link  
Bitcoin Price Surges Above $5,650

Earlier today, on October 20, the Bitcoin price slightly declined from $5,720 to $5,650. But, within the past 48 hours, the Bitcoin price has surged...

NEO Price Under Major Resistance

NEO price achieved new trading ground on its increasing rally. However, NEO/USD is pulling back now with the hopes supports will keep the pair up...

Stock Market Bear Sets $1 Mln Bitcoin Target

Hedge fund manager Mark Yusko forecasts that the bitcoin price has the potential to reach $1 million over the long term as the network effect leads...


Bitcoin Price $25k is Conservative Estimate

Serial strategist Tommy Lee has added to finance experts predicting sky-high Bitcoin prices of $25,000 or more.In an interview with Business...

Eve and Adam Could Turn Back the Bulls

For the last month and a half, ether’s trend has been contained within the bounds of this ascending channel, where it has continued its bullish rally...

Why $26.00 Is Important For NEO?

Neo price is holding an important support at $26.00 against the US Dollar. NEO/USD has to clear $34.00 to gain upside momentum...


BTC/USD Consolidates Below $5800

Bitcoin price is trading in a range above $5500 against the US Dollar. BTC/USD has to break $5800 to gain upward momentum in the near term...

Investor predicts bitcoin to hit $27000

A bitcoin investor and podcast host has predicted that the price of bitcoin will increase to over $27,000 in four months time. Trace Mayer, who proclaims...

SEC Committee Lashes Out at Bitcoin

Issued by Damon Silvers, director of policy at the American Federation of Labor and Congress of Industrial Organizations, to Adam Ludwin...

  


Share: