Bitcoin Price Forecast: BTC/USD Set To Break $2500
- Posted on May 24, 2017
Bitcoin price maintained its super bullish tone above $2000 against the US Dollar, and now BTC/USD may soon attempt a break above $2500 in the near term.
Looking at the hourly chart of BTC/USD, there is a major ascending channel with support at $2210 (data feed via Kraken), which may act as a buy zone.
Bitcoin Price to Gain Momentum
It was an amazing week so far, as the BTC to USD moved above the $2000 level and settled above it. It is a great milestone level, and the price may now continue to gain pace.
It recently traded towards $2300, and posted a high at $2305. Sellers are somehow protecting $2300 at the moment, so there is a chance of a minor dip.
On the downside, there is a major ascending channel with support at $2210 on the hourly chart (View full width chart here). The same level also coincides with the 23.6% Fib retracement level of the last wave from the $1900 low to $2300 high.
So, if the price moves down towards $2200, it is likely to find bids for another upside move. On the upside, the next hurdle could be near $2400.
However, I think the price could even challenge the $2500 level if buyers remain in action. On the other hand, only an hourly close below $2200 may call for an extension of the current correction.
The price may then trade towards the 50% Fib retracement level of the last wave from the $1900 low to $2300 high at $2103. The 100 hourly simple moving average is also positioned below $2100 at $2090.
So, the price has many supports on the downside starting with $2200 and up to $2090. The uptrend is likely to continue to swing moves towards $2400 or even $2500.
Chart Source – TradingView.com and data feed by Kraken