Bitcoin Price Today: BTC/USD Building Bullish Scenario

Bitcoin price today is trading nicely above $14,000 against the US Dollar. BTC/USD seems to be preparing for an upside move in the near term.

After a downside move, BTC/USD gathered pace and was able to move above the $14,000 resistance. There are a few positive signs emerging for the BTC to USD price, which point towards a short term upside move.

Key Points

• Bitcoin price was successful in moving above the $14,000 resistance against the US Dollar.
• There is a key ascending channel forming with support at $14,100 on the 2-hours chart of the BTC/USD pair.
• The pair might move higher in the short term towards the $15,200 and $15,800 levels.

Bitcoin Price Today is Positive above $14,000

After forming a decent support around the $11,600 level, bitcoin price started moving higher against the US Dollar. The BTC/USD pair was successful in breaking a couple of important resistances such as $12,500 and $13,000.

More importantly, the pair was able to break the $14,000 resistance. Buyers were also successful in breaking the 100 and 150 simple moving averages (2-hour, data feed via bitfinex).

It opened the gates for more gains and the price is above the 50% Fibonacci retracement level of the last drop from the $16,400 high to $11,682 low. At the moment, it seems like there is a key ascending channel forming with support at $14,100 on the 2-hours chart.

Can BTC/USD Continue Higher?

Recently, the pair struggling to break the 76.4% Fibonacci retracement level of the last drop from the $16,400 high to $11,682 low. It moved down, but the downside wave was protected by the channel support at $14,100.

Moreover, the 100 and 150 simple moving averages near $14,080 also prevented declines. As long as bitcoin price stays above the $14,000 level, there is a chance of it moving back above $15,000 in the near term.

Above $15,000, the next targets could the $15,500 and $15,800. On the flip side, a break below $14,000 could open the gates for more losses.

On the other hand, Ripple price was seen rocketing higher above the $3.00 level. The recent article shared by Latika Mehrotra “Ripple Price Forecast 2018” points how XRP/USD Gigantic rally might extend in the near term.

Moreover, Ethereum is approaching the $1000 level and it may soon break it to achieve yet another milestone.

Trade safe traders and enjoy the ride!!!