Bitcoin Price Weekly Analysis – BTC/USD Eyeing Crucial Break

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Key Points

  • Bitcoin price traded positively this past week against the US Dollar to trade near $780.
  • At the moment, the BTC/USD pair is attempting to break a bullish trend line formed on the 4-hours chart (data feed from SimpleFX).
  • If there is a break and close in BTC/USD, there may be an increase in the downside pressure.

Bitcoin price traded positively this past week versus the US dollar, and currently the BTC/USD pair is eyeing a major downside move.

Bitcoin Price Trend Line Support

There was a nice upside move in BTC price this past week, as it moved towards the $780 level against the US Dollar. However, the BTC buyers were not able to retain the bullish bias, and as a result, there was a downside move. The price moved below the 23.6% Fib retracement level of the last wave from the $684 low to $785 high to initiate a downside move.

The most important point is the fact that the price moved below a bullish trend line formed on the 4-hours chart (data feed from SimpleFX of BTC/USD. At the moment, the price is trading near another bullish trend line. It holds a lot of value in the short term, as it

Read more ... source: NewsBTC USA