Bitcoin Price Weekly Analysis – BTC/USD in Monstrous Trend

Key Points

• Bitcoin price is in a major uptrend and recently broke the $5600 resistance against the US Dollar.
• There are two major bullish trend lines forming with support at $5280 and $5000 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
• The pair might continue to trade higher and could even break the recent high of $5851.

Bitcoin price is surging higher against the US Dollar. BTC/USD is now set to gain momentum for more gains above $5850 and $6000.

Bitcoin Price Bullish Trend

There were nasty gains in Bitcoin price this past week as it moved above the $5500 and $5600 resistance levels against the US Dollar. A new all-time high was formed at $5851 and it seems like the current uptrend is not over yet. The price might continue to trade higher and could break the $5851 resistance for more gains. Recently, there was a minor dip from the current levels and the price moved below the 23.6% Fib retracement level of the last wave from the $4703 low to $5851 high.

However, the downside move was prevented by $5450 and the 38.2% Fib retracement level of the last wave from the $4703 low to $5851 high. The pair formed a contracting triangle pattern with resistance at $5700. There was a break above it recently and the price is now set for more gains above $5800. On the downside, there are two major bullish trend lines forming with support at $5280 and $5000 on the 4-hours chart of BTC/USD.

The current trend is likely to continue and if buyers remain in control, there are chances of a break above $6000. Above $6000, the next hurdle is close to $6150.

Looking at the technical indicators:              

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

4-hours RSI (Relative Strength Index) – The RSI is correcting the overbought levels.

Major Support Level – $5600

Major Resistance Level – $5850

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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