Bitcoin Price Weekly Analysis – BTC Looks to Trade Higher

Key Points

  • Bitcoin price after climbing above $465 against the US Dollar found sellers and fell sharply.
  • A bullish trend line on the 4-hours chart (data feed from Bitstamp) of BTC/USD managed to act as a support and prevented any further declines at $435.
  • Buying dips may be a good deal in the short term as long as the price stays above the 100 simple moving average (4-hours).

Bitcoin price showed a lot of bullish signs this past week, and it looks like BTC/USD remains in an uptrend as long as it stays above $440.

Bitcoin Price- 100 SMA as a support area

Bitcoin price surged higher as the BTC bulls managed to outpace the sellers. There was a break and close above the $450 level, but the price found sellers near $470, and moved down sharply. However, there is a bullish trend line on the 4-hours chart (data feed from Bitstamp) of BTC/USD, which acted as a support and stalled the downside move.

The highlighted trend line and support area acted as a buy zone and pushed the price higher. BTC traded positively, and cleared the 50% Fibonacci retracement level of the drop from the $470 high to $435 low. Currently, the price is

Read more ... source: TheBitcoinNews

NO COMMENTS