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

Key Points

  • Bitcoin price traded higher this past week vs the US Dollar, but failed to maintain the gains.
  • There is a monster bullish trend line formed on the 4-hours chart (data feed from Bitstamp) of BTC/USD, which is acting as a support area and holding the downside.
  • The price is above the 100 simple moving average on the 4-hours chart, which is a positive sign.

Bitcoin price traded as high as $464 recently where it found sellers. Moving ahead, as long as the trend line holds, BTC may trade higher once again.

Bitcoin Price- Trend Line Support Importance

Bitcoin price gained bids this past week vs the US Dollar and traded as high as $464, but it could not sustain the bullish bias. The price moved down once again, but thankfully, there is a monster bullish trend line formed on the 4-hours chart (data feed from Bitstamp) of BTC/USD that prevented the downside move. The price also found bids near the 100 simple moving average on the 4-hours chart.

BTC is once again attempting to trade higher, but it is facing sellers near the 50% Fibonacci retracement level of the drop from the $464 high to $447 low. A break above the mentioned fib

Read more ... source: TheBitcoinNews

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