Bitcoin Price Weekly Analysis – BTC/USD Remains Buy Dips


Key Points

  • Bitcoin price climbed higher this past week against the US Dollar, and currently showing a lot of bullish signs.
  • There was a bearish trend line on the hourly chart (data feed from Bitstamp) of BTC/USD, which was broken during the upside drift.
  • Buying dips remain a good option in the short term, as long as the price stays above $440.00.

Bitcoin price grinded higher this past week and broke a major resistance area. There are clear signals for more gains in BTC/USD moving ahead.

Bitcoin Price- Are you looking to buy?

Bitcoin price climbed higher this past week against the US dollar and broke a few important barriers on the way to set the pace for more gains. BTC/USD buyers also cleared a bearish trend line on the hourly chart (data feed from Bitstamp), which can be seen as a bullish sign and might take the price further higher. Currently, the price is struggling near the $457-60 resistance area and facing offers.

So, there is a chance of BTC moving down a few points before climbing once again. If you are looking to buy, then an initial support on the downside is around the 50% Fibonacci retracement level of the last wave from the $444 low to $457 high. However, the most important support and a buy zone is near the broken trend line, which is also coinciding with the 61.8% Fibonacci retracement level of the same wave.

Bitcoin Price Weekly Analysis

Bitcoin Price Weekly Analysis

Overall, one may consider buying near $450-445 with a stop of an hourly close below the 100 simple moving average.

Looking at the technical indicators:

Hourly MACD – The MACD is in the bullish zone, suggesting positive signs in the near term for BTC/USD.

Hourly RSI (Relative Strength Index) – The RSI is around the overbought levels, calling for a minor correction.

Major Support Level – $450

Major Resistance Level – $457


Charts from Bitstamp; hosted by Trading View

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