Bitcoin Price Weekly Analysis – BTC/USD Remains in Uptrend

Key Points

• Bitcoin price has recovered well and broke the $4000 resistance against the US Dollar.
• There is a crucial ascending channel forming with support at $4250 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
• The pair is gaining momentum and about to break the $4350 resistance.

Bitcoin price is back in the bullish zone above $4000 against the US Dollar. BTC/USD might gain pace and could soon break $4400.

Bitcoin Price Support

It was a good week for Bitcoin price as it started a decent recovery from $4000 against the US Dollar. The price traded higher and broke a few important resistances like $4100 and $4200. There was a break above the 61.8% Fib retracement level of the last decline from the $4674 high to $2967 low. It has opened the doors for more gains above the $4200 level.

At the moment, the price is attempting a close above the 76.4% Fib retracement level of the last decline from the $4674 high to $2967 low. Once there is a close above the $4300 level, the price could easily surpass $4000 and trade towards the last swing high or $4670. It seems like there is a crucial ascending channel forming with support at $4250 on the 4-hours chart of BTC/USD. As long as the price is above the channel support at $4250, it remains in the bullish zone.

A downside break of the $4250 level could ignite a short-term correction. In this case, the price could test the $4100 support area where buyers would emerge. The overall trend is still positive, and the price remains set for a move towards $4500. Buying dips near $4250 and $4100 can be considered in the near term.

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level.

Major Support Level – $4250

Major Resistance Level – $4400

 

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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