Bitcoin Price Weekly Analysis: Signaling Bullish Continuation

Key Points

  • Bitcoin price after losing momentum finally managed to gain bids this past week for another leg higher.
  • The price closed above the $400 level, which is a positive sign for the bulls moving ahead.
  • There is a support trend line formed on the 4-hours chart (data feed from Bitstamp), which may act as a hurdle for sellers if the price moves down.

Bitcoin price climbed higher this past week. And, looking at the current market sentiment there is a chance of more upsides in the short term.

Bitcoin Price- Buy Dips?

Bitcoin price enjoyed a decent upside move this past week, as buyers were successful in taking it above the $400 resistance area. The stated level acted as a hurdle for them on many occasions, and a weekly close above it means a lot of optimism. The price traded a few points above the $430 level, and it looks like the price may trade down or correct in order to gain bids in the near term.

There is an important support trend line formed on the 4-hours chart (data feed from Bitstamp), which may play a crucial role if the price corrects. One might consider buying near the highlighted trend line

Read more ... source: TheBitcoinNews

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