Bitcoin Price Weekly Analysis – Can BTC/USD Recover?

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Key Points

  • Bitcoin price made a couple of strange moves against the US Dollar, and mostly struggled.
  • There was a bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which was broken during the downside move.
  • The pair is currently forming a flag pattern, which may ignite the next move.

Bitcoin price jaw dropped this past week versus the US Dollar, and was under a bearish pressure. Can BTC recover moving ahead?

Bitcoin Price Break

Bitcoin price this past week traded as high as $629 against the US Dollar, but found sellers. The price dropped sharply after a failure to break the stated level. During the downside move, the BTC/USD pair broke a bullish trend line formed on the 4-hours chart (data feed from SimpleFX). The highlighted break was crucial, as it ignited more losses in the pair.

The pair traded as low as $568, but then quickly recovered. The price moved above the 50% Fib retracement level of the last drop from the $629 high to $568 low. However, the pair is struggling to close above the $615 level. It is also struggling for a daily close above the 61.8% Fib retracement level of the last drop from the


Read more ... source: NewsBTC USA

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