Bitcoin Price Weekly Analysis – BTC/USD In Monstrous Uptrend

Key Points

• Bitcoin price rocketed higher above the $4000 level for a new high at $4098 against the US Dollar.
• There was a break above a crucial contracting and ascending triangle at $3765 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
• Buying on dips towards the $3850 remain a good idea in the near term.

Bitcoin price is in a super bullish trend against the US Dollar and other cryptocurrencies, and BTC/USD might continue to move higher towards $4500.

Bitcoin Price Continuous Gains

Bitcoin price after the Hard Fork continued to gain momentum above $3000 against the US Dollar. The upside was so strong that buyers were able to break key resistance levels like $3700 and $3900. The price even broke a milestone level of $4000 and recently traded as high as $4098. The current uptrend is very strong and putting a lot of pressure on other cryptocurrencies like Ethereum.

During the upside move, there was a break above a crucial contracting and ascending triangle at $3765 on the 4-hours chart of BTC/USD. It has opened the doors for further gains above $4000 in the near term. The stated triangle at $3900 might act as a support if the price corrects lower from the current levels. The 23.6% Fib retracement level of the last wave from the $3232 low to $4098 high is also at $3894.

Overall, the price remains in a super bullish trend and supported above $3800. Any major declines in the near term can be considered as buying opportunity above $3800. On the upside, the recent high at $4098 is an initial resistance. The next move hurdle for buyers could be at $4500.

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI is currently in the extreme overbought zone.

Major Support Level – $3800

Major Resistance Level – $4100

 

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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