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Bitcoin price analysis: BTC/USD grinding higher above… – Forex Crunch

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  • A building bearish momentum is currently testing the lower trendline of the channel.
  • Bitcoin technical levels remain strongly positive.

BTC/USD is currently extending gains above $4,100. Like predicted last week, a sustained correction above $4,100 meant that Bitcoin would close March in the bullish as it did. Since the side at the beginning of last week that sent Bitcoin towards $3,850 but there was a correction between within the rising channel as seen on the hourly chart.

At press time Bitcoin has corrected higher 0.49% on the day and is currently valued at $4,115.33. A building bearish momentum is currently testing the lower trendline of the channel. However, BTC/USD is expected to bounce upwards at even test the channel resistance while extending the gains towards the psychological $4,200.

It is clear that the buyers are in control and Bitcoin is expected to maintain the rising trend to the upside. The RSI 1-hour has been rejected from the overbought but it is holding position at 60.00. Over the last seven days, the RSI has avoided the oversold and has been trending close to the overbought region hence confirming the bullish trend.

In case a reversal occurs, immediate support has been established at $4,100. Below this level, BTC/USD will find support at the 100 SMA 1-hour and the 50 SMA 1-hour. Other notable support levels include $4,000, $3,900 and $3,850.

BTC/USD 1-hour chart

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