Bitcoin Price Weekly Analysis – Can BTC/USD Break Higher?

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Key Points

  • Bitcoin price after moving down towards the $600 level against the US dollar found support and started recovering.
  • There is a bearish trend line formed on the on the 4-hours chart (data feed from Bitstamp) of BTC/USD, which is currently acting as a resistance area.
  • Only a break and close above the 100 simple moving average (H4 chart) could trigger more gains in the near term.

Bitcoin price is currently struggling to break a major resistance area against the US Dollar, which might ignite the next move in BTC/USD.

Bitcoin Price Next Move

Bitcoin price mostly traded with a bearish tone against the US Dollar this past week, and every attempt to correct higher was seen as a sell opportunity. The BTC/USD pair even traded as low as $605 before starting a correction. The price is currently trading near a major resistance area, which is in the form of a bearish trend line on the on the 4-hours chart (data feed from Bitstamp) of BTC/USD.

The most important part is the fact that the 100 simple moving average (H4 chart) is also positioned around the trend line resistance. Moreover, the 50% Fib retracement level of the last drop from the $705 high to

Read more ... source: NewsBTC USA

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