Bitcoin Price Weekly Analysis – BTC/USD Downsides Move Before Higher

Key Points

  • Bitcoin price managed to gain strength this past week and traded close to the $432 area where it found offers.
  • There is a bullish trend line on the 4-hours chart (data feed from Bitstamp) of BTC/USD, which may be seen as a support area if the price moves down.
  • Buying dips may be considered as long as the price is above the trend line and support area.

Bitcoin price slow and steadily moved higher, but found sellers near $432. Moving ahead, buying dips in BTC/USD may be considered.

Bitcoin Price- Buy Dips?

Bitcoin price traded after trading lower towards the $410 level found support and started to move higher. There was a slow and steady downside move, and in the process of the upside move, there is a bullish trend line on the 4-hours chart (data feed from Bitstamp) of BTC/USD. The highlighted trend line and support area may play a major role for BTC/USD in the near term, and as long as the price is above it, there is a chance of more gains.

The last two 4-hour candles were bearish, signaling more losses in the short term. It is possible that BTC could trade down and test the highlighted trend line

Read more ... source: TheBitcoinNews

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