Bitcoin Price Weekly Analysis – BTC/USD Further Appreciation Likely

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Key Points

  • Bitcoin price managed to gain traction this past week versus the US dollar and settled above the $600 level.
  • This past week’s highlighted bearish trend line on the 4-hours chart (data feed from SimpleFX) of BTC/USD was broken during the recent upside.
  • The price remains in an uptrend, and buying dips may be considered in the short term.

Bitcoin price broke a couple of important hurdles versus the US dollar, which has opened the gates for more gains moving ahead.

Bitcoin Price Trend Line Support

Bitcoin price moved higher in a perfect 5-wave structure this past week versus the US dollar, and settled above the $600 level. The best part was the fact that the 61.8% Fib retracement level of the last drop from the $613 high to $581 low was cleared. It opened the gates for a full test of the last swing high. The price not only broke it, but also made a new high of $616.

During the upside move, there was a break above this past week’s highlighted bearish trend line on the 4-hours chart (data feed from SimpleFX) of BTC/USD. The price after trading as high as $616 started correcting lower.  It may soon test the 23.6%

Read more ... source: NewsBTC USA

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