BTC/USD Sets New ATH Above $5140

12 October, 2017

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  
CryptoMarket back to $200b on recovery

The cryptocurrency market breached the $200 billion level again on Tuesday after a sudden spike in digital currencies in early morning trading...

Ripple Rises Again in 10% Jump

Cardano (ADA) and Ripple (XRP) have surged by more than 10 percent in the past 24 hours while Bitcoin maintained stability, leading the recovery...

Bitcoin but cannot grow in price

Cryptomarket starts the week in the red zone: Bitcoin (BTC) has lost 3% for the last 24 hours and is trading around $6.300, the second largest...

Litecoin: Is That a Double Bottom?

Litecoin price could be done with its drop as a double bottom may be forming on the 4-hour chart. Technical indicators are showing mixed signals...

Ethereum Spikes 16% Overnight

ETH, the native cryptocurrency of Ethereum, has surged by more than 16 percent overnight, rebounding $224. Within 48 hours, the price of ETH surged...

Bitcoin Should Stabilize Near $5000

It is not terribly common for a mainstream economist to say something good about bitcoin in the period of its downtrend, but Mohamad El-Erian once again...

Ethereum Classic Likely To Recover

Ethereum classic price extended declines and tested $10.60 before recovering against the US dollar. There was a break above a key bearish trend line with...

Bitcoin to hit main stream

Bitcoin has now managed to rack up its 2nd straight day of gains after last weeks mini crash which saw the price tumble from $7400 all the way down...

Bitcoin Price Stable at $6300

On September 10, Bitcoin experienced an unforeseen spike in its price, rising from $6,190 to $6,450. Yet, the rest of the market has struggled...