Bitcoin Price Analysis: BTC could break an important trendline to move higher
- BTC/USD traded 2.22% higher in a positive Monday for cryptos.
- There is a trendline on the chart and a break could point to an extended move higher.
BTC/USD 4-hour chart
Bitcoin has been trading well on Monday in line with the rest of the crypto majors. The main feature on the chart is the black trendline if the price breaks past the line then it could indicate a further extension to higher levels is on the cards.
There are some other key support and resistance levels on the chart. The price is currently close to the blue resistance zone at 9,270.00. The area has been very strong in the past and the price has reacted there on several occasions. Below the current price and just below the psychological 9K area, there is a purple line of support which could also be important. If the pair breaks this zone then there is a good chance that the 8,500 area could be next.
Looking at the indicators. the Relative Strength Index is pulling away from the overbought zone. The MACD is still looking bullish as the histogram is still in the green and the signal lines are still above the zero level which is bullish.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
