Bitcoin Price Weekly Analysis – Can Buyers Make It?

Bitcoin Watch Shop

Key Points

  • Bitcoin price after trading near the $450 level found sellers and started to move down.
  • There is a bullish trend line formed on the 4-hours chart (data feed from Bitstamp), which may be seen as a buy zone in the near term.
  • On the upside, the $450 is a major resistance area, which if broken could take the price higher.

Bitcoin price is showing a lot of positive signs. As long as it is above the 100 simple moving average (H4 chart) more gains are likely.

Bitcoin Price- Continue Buying?

Bitcoin price as mentioned found sellers near a major resistance area of $450 and corrected lower. However, there is a bullish trend line formed on the 4-hours chart (data feed from Bitstamp), which acted as a support and prevented any further losses. The price is now attempting to recover in the near term, and may trade higher moving ahead.

It is currently trading near the 61.8% Fib retracement level of the last drop from the $448 high to $404 low. If buyers manage to take it above the stated fib level, then more gains are possible. The next hurdle on the upside could be around the 88.6% Fib retracement level of the last drop from the $448 high to $404 low.

Bitcoin Price Weekly Analysis Bitcoin Price Weekly Analysis

On the downside, one must keep following the highlighted trend line and support area. A break below it may put a lot of pressure on the bulls, and could take the price towards the 100 simple moving average (H4 chart). The most important support on the downside is around the $400 handle.

Looking at the technical indicators:

4-hours MACD – The MACD is in the bullish slope, which may act as a catalyst for an upside move.

4-hours RSI (Relative Strength Index) – The hourly RSI is above the 50 level, which is a positive sign.

Intraday Support Level – $420

Intraday Resistance Level – $445

Charts from Bitstamp; hosted by Trading View

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