Bitcoin Price Weekly Analysis – Can BTC/USD Gain Further?

Key Points

  • Bitcoin price had a decent week against the US Dollar, as it remained in the bullish area throughout the week.
  • There is a contracting triangle pattern formed on the 4-hours chart (data feed from Bitstamp) of BTC/USD, which may act as a catalyst for the next move.
  • A break above the triangle resistance area could spark more gains in the BTC/USD pair moving ahead.

Bitcoin price after dipping close to $600 found support and traded higher. Can BTC/USD break the $680 hurdle to challenge $700?

Bitcoin Price Buy?

Bitcoin price was in an uptrend this past week against the US Dollar, and every major correction in BTC/USD found buyers on the downside. The price moved as low as $605 before finding buyers and moving higher. The price is currently above the $650 level and forming a contracting triangle pattern on the 4-hours chart (data feed from Bitstamp) of BTC/USD.

The highlighted triangle pattern holds the key for the BTC bulls in the near term. As it can be seen from the chart, a breakout is approaching, and the chances of a move higher are much more considering the current technical indicators. A successful close above the 100 simple moving average (H4

Read more ... source: TheBitcoinNews

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