Bitcoin Price Weekly Analysis – BTC/USD Buying Worked

Key Points

  • Bitcoin price climbed higher this past week against the US Dollar, and my buying idea worked.
  • There is a new bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which is acting as a support zone.
  • The price is also above the 100 hourly simple moving average, which is a positive sign.

Bitcoin price managed to stay in the bullish zone versus the US Dollar and ETH, and it may continue to slowly move higher in the near term.

Bitcoin Price Buy

BTC price was seen trading with a bullish tone this past week versus the US Dollar. Although, the gains were not very high, but the good thing was the fact that the price remained in an uptrend. In this past week analysis, I mentioned that the price may continue to appreciate in the short term. It did move higher, and remained above the all-important $600 support zone.

There was a move above the $610 level on a couple of occasions, but the BTC bulls failed to gain momentum. So, there was a no major move towards the $625 level. However, there is now a new bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. It acted as a support zone on a couple of occasions. And, it looks like the price may continue to find support near it.

Bitcoin Price Weekly Analysis Bitcoin Price Weekly Analysis

On the upside, I am looking for a test of the 1.236 extension of the last wave from the $613 high to $581 low. On a downside, a break below the trend line support may put the price on a path for a test of the 100 simple moving average.

Looking at the technical indicators:

4-hours MACD – The MACD is placed comfortably in the bullish zone, which is a good sign.

4-hours RSI (Relative Strength Index) – The RSI is just around the 50 level, and should hold it.

Major Support Level – $600

Major Resistance Level – $618

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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