Bitcoin price gained further against the US Dollar, and broke the last high to trade above $1200. BTC/USD is now gunning for $1250.

Looking at the daily chart of BTC/USD (data feed via Poloniex), there was a clear break above $1150. The price also moved past $1200, and could move further higher.

Bitcoin Price Technical Analysis

Many traders were looking for a new high in Bitcoin price against the US Dollar. The BTC/USD pair did move higher and traded above $1200 to establish a new high of $1220.

There was a nice upside break above $1150 and $1200. There was even a break above an ascending channel pattern formed on the daily chart of BTC/USD with resistance at $1160.

Bitcoin Price Technical Analysis BTC/USD

The price is now in solid bullish trend, and may be heading towards $1250. Why?

The $1255 level represents the 1.236 extension of the last major decline from $1160 high to $750 low. So, since the price is now above $1160, there is a chance of a move towards $1250.

On the downside, the broken resistance near $1160 may now act as a support. Overall, the trend is positive, and calling for further gains in the near term.

The hourly RSI for BTC/USD (Poloniex) is moving into the overbought levels with no major sign of a correction

Happy Trading!

Chart Source – and data feed by Poloniex