Bitcoin Price Weekly Analysis – BTC/USD Monstrous Bullish Trend

Key Points

• Bitcoin price is currently trading higher and well above the $1300 handle against the US Dollar.
• There is a monster ascending channel with support at $1280 formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD.
• The price is testing the channel resistance area at $1350, and may correct lower in the near term.

Bitcoin price remains in a monster bullish trend against the US Dollar, and BTC/USD is now well supported near the $1280 and $1300 levels.

Bitcoin Price Upside Surge

There were a couple of dips in Bitcoin price towards $1260 and $1280 against the US Dollar. However, the price remained supported on the downside near $1250. Every time there was a decline, the price bounced back and moved above $1300. At the moment, the price is trading well above the $1300 level, and looking to extend gains. There was a break above the 1.236 extension of the last decline from the $1319 high to $1295 low. It has opened the gates for another swing wave in the near term.

The price is following a monster ascending channel with support at $1280 formed on the 4-hours chart of BTC/USD. The same channel provided support on the dips near $1250-40. At the moment, the price is trading near the channel resistance area at $1350. It is acting as a hurdle, and may ignite a minor downside move towards $1320. The stated level also coincides with the 23.6% Fib retracement level of the last wave from the $1221 low to $1350 high.

So, if the price declines in the near term, it is likely to find support at $1320. However, the most important support is near the 50% Fib retracement level of the last wave from the $1221 low to $1350 high at $1285.

Looking at the technical indicators:

4-hours MACD – The MACD is currently super bullish.

4-hours RSI (Relative Strength Index) – The RSI is moving around the 70 level in the bullish zone.

Major Support Level – $1285

Major Resistance Level – $1350

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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