Bitcoin Price Weekly Analysis – Can BTC/USD Test $800?

Key Points

  • Bitcoin price remained in an uptrend against the US Dollar, and traded above the $750 resistance.
  • There is a major bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, acting as a support area.
  • If the price corrects lower, it may find buyers near the $750-40 levels.

Bitcoin price continued to gain strength against the US Dollar, and it looks like BTC/USD remains a good buy if it dips or corrects lower.

Bitcoin Price Major Support and Buy Area

There were continuous gains in Bitcoin price against the US Dollar, as it broke a couple of important resistances to set the pace for more gains. The most important close was above the $750 level, which may now act as a support if the price corrects lower. Recently, the price traded as high as $786 (BTC/USD and data feed from SimpleFX), and currently consolidating gains.

It already tested the 23.6% Fib retracement level of the last wave from the $684 low to $786 high, and found support. As can be clearly seen in the chart, there is a crucial support and buy area formed at $750. There is also a bullish trend line on the same chart, acting as a barrier for sellers. So, it is very likely that the price may consolidate for some time above the trend line support area and then trade further higher.

Bitcoin Price Weekly Analysis Bitcoin Price Weekly Analysis

A retest of the last swing high of $786 is possible, and if there is an increase in the momentum, the price might even test the $800 handle. The 100 simple moving average on the 4-hours chart is heading north and signaling more upsides in the near term.

Looking at the technical indicators:

4-hours MACD – The MACD is strongly placed in the bullish zone, and pointing buyer’s strength.

4-hours RSI (Relative Strength Index) – The RSI has corrected from the overbought levels, and remains supported.

Major Support Level – $750

Major Resistance Level – $785

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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