Bitcoin price remains in the bullish path above $11,500 against the US Dollar. BTC/USD might accelerate towards $13,500 and $14,000.
The current price action in BTC/USD is topping around $12,800. The pair might retreat from the current levels, but the track towards $13,500 is still possible.
- Bitcoin price is riding a tide and it recently traded to a new all-time high above $12,800 level against the US Dollar.
- There is a major ascending channel forming with support at $11,500 on the 2-hours chart of the BTC/USD pair.
- The pair is currently facing sellers near the channel resistance at $12,800.
Bitcoin Price Dip and then Rip?
There is a pattern followed by bitcoin price as it dips on a few occasions and then moves higher against the US Dollar. In the last analysis, I discussed the chances of the BTC/USD pair moving above $10,000. It did move higher, gained a lot of momentum and was able to move above the $12,500 level.
The upside move was strong and the price traded to a new all-time high at $12,832 (data feed via bitfinex). It seems like the pair is following a major ascending channel with support at $11,500 on the 2-hours chart.
The channel resistance is currently acting as a major hurdle and preventing gains above $12,850. Therefore, there is a chance of a minor dip in the price towards $12,000 or even $11,500. An initial support is around the 23.6% Fibonacci retracement level of the last wave from the $10,750 low to $12,832 high.
However, the most important support is near the channel lower trend line at $11,500. The mentioned level is also close to the 50% Fibonacci retracement level of the last wave from the $10,750 low to $12,832 high.
Moreover, the $11,500 level is also a pivot zone and represents a key area for both buyers and sellers.
Can BTC/USD Continue Above $13,000?
At present, it seems like there is a chance of a downside correction from $12,800. However, the rising channel is positive and suggests that once there is a break of the $12,900 level, the price could accelerate above $13,000.
The next stop for buyers could be around $13,500 and $14,000. However, risk is very high considering the market sentiment above $12,500.
A few other currencies like NEO, Augur and OMG also did very well. Having said that, the recent rise in bitcoin price above $12,500 has pressured many cryptocurrencies, including Ethereum and Ripple.
Trade safe traders and enjoy the ride!!!