Trading Bitcoin (BTC/USD) :
Bitcoin :
The bullish trend is currently very strong for Bitcoin - BTC/USD. As long as the price remains above the support at 18.500 USD, you could try to take advantage of the bullish rally in short term. The first bullish objective is located at 18.500 USD (this price is coincided with the ratio 23.6% of Fibonacci retracement levels).
The bullish momentum would be revived by a break in this resistance. Since three weeks BTC/USD increased within an up channel, for that Bitcoin hits new highs 29k USD and 28k USD.
Bitcoin price had a significant breakout above the price of 28k USD. BTC/USD is part of a very strong bullish trend. Traders may consider trading only long positions as long as the price remains well above the levels of 28k USD.
Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 28.500 USD, which coincides with a golden ratio (23.6% of Fibonacci).
Consequently, the first support is set at the level of 28.500. Hence, the market is likely to show signs of a bullish trend around the spot of 28.500 USD.
The next resistance located at 30k USD is the next bullish target to be reached. A bullish break in this resistance would boost the bullish momentum.
The bullish movement could then continue towards the next resistance located at 30k USD. Closing above the pivot point (28.500 USD ) could assure that BTC/USD will move higher towards cooling new highs.
The bulls must break through 29k USD in order to resume the up trend. Buyers would then use the next resistance located at 30k USD as an objective (this price is coincided with the ratio 78% of Fibonacci retracement levels - the double top - the last bullish wave on the hourly chart - 30.033).
Bitcoin price is bullish but climbing higher will be strict, our next target 31k USD. Crossing it would then enable buyers to target 31k USD. Be careful, given the powerful bullish rally underway, excesses could lead to a short-term rebound.
Also it should be noted that BTC and cryptocurrencies unite as the bears lose their momentum. The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
BTC's price has been consolidating between the 28k USD and 31k USD over the last few weeks (weekly range about 3000 points), following a massive rising from the 28k mark. So far, the price has been supported by the 18k USD support.