Bitcoin Price Weekly Analysis – Strong Bullish Pressure

Key Highlights

  • The Bitcoin price started a good move higher as the bulls were under control, taking the price higher.
  • There is a bullish trend line formed on the 4-hours chart that might continue to help buyers to remain in control.

Bitcoin price traded higher this past week as there was solid buying interest seen which helped it to move higher.

More Gains

The Bitcoin price moved higher this past week, and climbed above an important resistance area of 260.0. The price traded as high as 281.00 where it found sellers. There was a solid buying interest noted this past week, which started to appear around the 255-60 area. There is a bullish trend line formed on the 4-hours chart of the Bitcoin price. There is a bullish wave formed, which can be clearly seen from the Bollinger Bands. The price is continuously finding sellers around 280.0. Let us see whether there is a chance of a correction in the near term or not.

Bitcoin Price Weekly Analysis Bitcoin Price Weekly Analysis

The RSI is around the extreme levels, which means there is a possibility of a minor correction from the current levels. An initial support can be seen around the 23.6% Fib retracement level of the last wave from the 260.0 low to 281.00 high. The most important support can be seen around the 38.2% Fib level, which is around the Middle Bollinger Band. Moreover, the stated fib level is also sitting around the highlighted trend line and support area. So, the 275-73 area can act as a major support area.

On the upside, the recent high of 281.00 can act as a resistance followed by the 285.00 area.

Intraday Support Level – 275.00

Intraday Resistance Level – 281.00

The 4H MACD is about to change the slope, which might ignite a correction moving ahead.


Charts courtesy of Trading View – leading Bitcoin News source since 2012