Bitcoin Price Weekly Analysis – BTC/USD Bullish Trend Intact

Key Points

• Bitcoin price traded higher this past week and settled above $1400 (data feed from SimpleFX) against the US Dollar.
• There is an expanding triangle with support at $1405 formed on the 4-hours chart of BTC/USD.
• The price is about to rise with a chance of break above the $1450 resistance in the near term.

Bitcoin price was in a bullish trend this past week against the US Dollar, and it looks like BTC/USD may extend gains above $1450 in the near term.

Bitcoin Price Buy and Dip Scenario

This past week, we discussed how Bitcoin price established a bullish trend above $1250 against the US Dollar. There was even a monster ascending channel with support at $1285-80 formed on the 4-hours chart of BTC/USD. It acted as a perfect support zone, and later the price broke its resistance for a move above $1350. The upside move was very sharp, as the price broke past $1400 as well. A new monthly high at $1447 was formed (data feed from SimpleFX).

Later, the price started a correction, and moved below the $1400 to trade as low as $1363. There is an expanding triangle with support at $1405 formed on the 4-hours chart of BTC/USD. It acted as a major barrier for sellers and pushed the price back above $1380. There was a clear break above the 50% Fib retracement level of the last decline from the $1447 high to $1363 low. The price also managed to settle above the $1400 handle, and traded with a positive bias.

At the moment, the price is struggling to break the 76.4% Fib retracement level of the last decline from the $1447 high to $1363 low. So, there is a chance of a minor dip towards $1410-05 before the price resumes its uptrend. The overall trend remains bullish as long as the price is above $1380.

Looking at the technical indicators:

4-hours MACD – The MACD is currently reducing the bullish slope.

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

Major Support Level – $1380

Major Resistance Level – $1440

 

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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