Bitcoin Price Key Highlights
- Bitcoin price has been trending higher, taking on new highs in the past few days.
- Price has topped at the $335 area before retreating, making a corrective wave to the rising trend line support and 200 SMA.
Bitcoin price has resumed its impulse wave and might be ready to surge past the previous high onto new ones, based on the Fibonacci extension levels.
Resistance at $350?
Technical indicators are hinting that the recent rally is already overdone and it might be time for buyers to book profits off their latest positions. If so, the previous highs could continue to hold as resistance and trigger another move back towards support at the $310 level.
Stochastic has reached the overbought zone and turned lower while RSI appears to be losing steam from its climb. If these oscillators continue to head south, bitcoin price could follow suit.
The next potential resistance zones are at the 76.4% level or $343.33 and at the full extension at $355.87, in line with the top of the rising channel visible on the daily time frame of bitcoin price.
Intraday support level – $310
Intraday resistance level – $335
Charts from TradingView
