Bitcoin price analysis: BTC/USD seeks higher support after conquering $13,000

  • BTC/USD formed a weekly high was formed at $13,155 with higher levels remaining unconquered.
  • BTC/USD is trading at $13,023 while seeking a higher support pattern, preferably above $13,000.

Bitcoin zoomed above $13,000 for the second time this year following the gains that have dominated the market since Sunday last week. A weekly high was formed at $13,155 with higher levels remaining unconquered. BTC/USD dived under $13,000 again forming a higher support pattern at $12,800.

Since the correction on Sunday, Bitcoin has been trading above a short-term trendline. The 15-mins chart shows breaks above the moving averages has resulted in significant gains with the lasted being the correction above both the 50 Simple Moving Average (SMA) and the 100 SMA moments before the close of the session on Tuesday. This gave BTC a boost during the Asian trading session today.

Also Read: Litecoin halving to shut down unprofitable miners: Charlie Lee

Bitcoin broke out from the ascending triangle resistance at $12,800. It extended the gains above $13,000 to the highs mentioned. Meanwhile, BTC/USD is trading at $13,023 while seeking a higher support pattern, preferably above $13,000. The 50 SMA is positioned to offer support, in addition, the resistance turned support at $12,800, $12,000 and $11,000 support areas.

The technical picture shows Bitcoin has the capacity to grow above $13,000. The Rising Relative Strength Index (RSI) suggest a stronger momentum. The Moving Average Convergence Divergence (MACD) is on the positive side and horizontal suggesting sideways trading in the coming sessions.

BTC/USD 15-mins chart


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