Bitcoin Price Weekly Analysis – BTC/USD Buyers In Control

Key Points

• Bitcoin price spiked this past week and moved above the $6000 handle against the US Dollar.
• There is a monster bullish trend line forming with support at $5510 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
• The pair is currently correcting lower and approaching towards the $5750 support area.

Bitcoin price remains in a major uptrend above $5600 against the US Dollar. BTC/USD might even trade past $6200 in the near term.

Bitcoin Price Uptrend Intact

This past week was mainly bullish for Bitcoin price as it moved above the $6000 handle against the US Dollar. A new all-time high was formed near $6170 as buyers were completely in control. Earlier, there was a dip from the $5750 swing high towards the $5100 handle where buyers emerged. Mainly, a monster bullish trend line with current support at $5510 on the 4-hours chart of BTC/USD prevented declines. It acted as a major support zone above $5100.

The pair spiked higher and traded as high as $6171. At the moment, the pair is correcting lower and trading near the 23.6% Fib retracement level of the last wave from the $5097 low to $6171 high. A resistance trend line acted as a barrier for more gains near $6170 and ignited a correction. On the downside, there is a short-term trend line with support at $5750.

The trend line support is also close to the 38.2% Fib retracement level of the last wave from the $5097 low to $6171 high. Therefore, any dips from the current levels remain supported near $5750. Below $5750, the main bullish trend line at $5510 might come into the picture. The overall trend remains bullish as long as the price is above $5500.

Looking at the technical indicators:              

4-hours MACD – The MACD is strongly placed in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently moving towards the 55-50 levels.

Major Support Level – $5750

Major Resistance Level – $6170

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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