Bitcoin Price Weekly Analysis – Is This a Real Break?

Key Highlights

  • The Bitcoin price after finding bids around the 200.00 level traded higher and breached an important resistance area.
  • A bearish trend line was broken, which might ignite more gains in the near term.

Bitcoin price is showing positive signs of a bullish break, which could push it higher moving ahead.

Trend Line Break

The Bitcoin price found support recently around the 200.00 level, as sellers failed to take the price below the mentioned level. Buyers gained traction and managed to take the price higher. There was a bearish trend line formed on the hourly chart of the Bitcoin price, which was breached by buyers to clear the way for more upsides in the short term. In the recent wave the price once tested the 50% Fib retracement level of the last leg from the 200.0 low to 246.23 high. So, we might consider it as a completion of a corrective phase.

Bitcoin Price Weekly Analysis Bitcoin Price Weekly Analysis

However, there are a few concerning signs as well for buyers, as the price is struggling to clear the 100 hourly simple moving average. As long as

Read more ... source: NewsBTC USA