- Bitcoin bulls defend $5,200 support before pushing for gains above $5,300.
- The channel resistance limits correction $5,400; Bitcoin is still poised for growth.
BTC/USD is trading higher highs and higher lows within a rising channel. The upside correction comes after the weekend trading saw Bitcoin explore the levels close to $5,200 but formed a low at $5,220. The lower trendline of the rising channel functioned as support on Monday as the buyers returned with a mission to pull the price higher.
A correction was made above both the 50 and the 100 simple moving averages. The short-term 50 SMA 15′ crossed above the 100 SMA showing that the uptrend was getting stronger. A step above the 61.8% Fib retracement level pushed BTC/USD above $5,300. Bitcoin has formed a high at $5,325.97 amid a building bullish trend.
Bitcoin’s initial support has been established at the 61.8% Fib level (former resistance area). A correction from this area has pushed Bitcoin above $5,320 and will soon beat the intraday high. On the upside, the buyers must clear the resistance at the channel in order to place BTC on a path towards $5,400. Other support areas that will come in handy include $5,300, $5,280, $5,240 and $5,220.
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