Bitcoin Price Weekly Analysis – BTC/USD Breaks Higher

Key Points

• Bitcoin price after a downside move towards $889 found buyers and recovered against the US Dollar.
• This past week’s highlighted two bearish trend lines with resistance near $1010-1030 on the 4-hours chart (data feed from SimpleFX) of BTC/USD was cleared.
• The price might dip a few points towards $1030, but likely to find buyers.

Bitcoin price after a sharp correction against the US Dollar found support near $960, and now BTC/USD is trading above $1000 with a positive bias.

Bitcoin Price Bullish Trend

This past week, we saw a dive in BTC price towards $980 against the US Dollar. Later, the price found support and managed to recover above $1000. However, there was a major hurdle near $1040, as highlighted in this past week’s analysis. The same level represented the 61.8% Fib retracement level of the last decline from the $1120 high to $889 low. Moreover, the 100 simple moving average (4H) was aligned at $1030. The price was able to break these hurdles for an upside move.

The most important break was above two bearish trend lines with resistance near $1010-1030 on the 4-hours chart (data feed from SimpleFX) of BTC/USD. It has opened the doors for more gains in the near term. The price is lacking momentum at this moment above $1100. So, there is a chance of a minor dip towards the 23.6% Fib retracement level of the last wave from the $889 low to $1104 high.

The same broken resistance near $1040-20 might now act as a support and prevent losses. Buying dips may be a good idea as long as the price is above the 100 simple moving average (4H) and $1020.

Looking at the technical indicators:

4-hours MACD – The MACD is now well placed into the bullish slope.

4-hours RSI (Relative Strength Index) – The RSI is comfortably moving above the 50 level.

Major Support Level – $1020

Major Resistance Level – $1100

 

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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