Bitcoin Price Weekly Analysis – BTC/USD Eyeing $2000

Key Points

• Bitcoin price after a dip towards $1160 against the US Dollar found support and bounced sharply.
• A monster bullish trend line with support at $1660 on the 4-hours chart of BTC/USD (data feed from SimpleFX) acted as a barrier for sellers.
• The price bounced sharply and currently trading above the $1800 level.

Bitcoin price surged higher above $1800 against the US Dollar, and the current movement in BTC/USD looks very bullish for more gains in the near term.

Bitcoin Price Trend Line Support

It was a nasty week for Bitcoin price, as it continued to gain momentum above $1700 against the US Dollar. My view of continuing gains in BTC is playing well. Recently, the price traded close to the $1910 level from where a correction was initiated. The price traded below the 23.6% Fib retracement level of the last wave from the $1510 low to $1905 high.

On the downside, a monster bullish trend line with support at $1660 on the 4-hours chart of BTC/USD was waiting. It acted as a barrier for further declines below $1650 and pushed the price back higher. There was also a test of the 61.8% Fib retracement level of the last wave from the $1510 low to $1905 high. The price is now back above the $1800 level. It looks like a correction wave is over, and the price may soon retest the last swing high at $1905.

If all goes well, there is a chance of further gains above $1900. On the downside, we have two bullish trend lines at $1660 and $1610, which may continue to act as a support. The overall trend is bullish with a chance of BTC/USD testing $2000.

Looking at the technical indicators:

4-hours MACD – The MACD is currently gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now back above the 50 level and heading north.

Major Support Level – $1660

Major Resistance Level – $1900

 

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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