Bitcoin Price Weekly Analysis – BTC/USD At Major Turning Point

Key Points

  • Bitcoin price after trading close to $425 this past week against the US Dollar found sellers and moved down.
  • BTC/USD tested a bullish trend line on the 4-hours chart (data feed from Bitstamp), which provided support and prevented a break.
  • The price is testing the 100 simple moving average on the same chart, which is acting as a resistance and can be seen as a major hurdle for the bulls.

Bitcoin price traded below 100 SMA (H4 chart) recently, which is acting as a resistance now. A break above it is needed for BTC/USD to gain momentum.

Bitcoin Price – Buy with a break?

Bitcoin price traded a few points higher this past week, but it struggled once again to break the $425-30 resistance area and started to move down. During the downside drift BTC/USD broke the 100 simple moving average (H4 chart), which can be considered as a crucial break. However, the price found support near a bullish trend line on the 4-hours chart (data feed from Bitstamp) of BTC to USD.

There was a sharp reaction noted around the trend line support from where the price bounced back. However, the broken 100 SMA (H4 chart) is currently acting as a resistance

Read more ... source: TheBitcoinNews

News from Darknet

NO COMMENTS