Bitcoin Price Weekly Analysis – BTC/USD To Retarget $1700

Key Points

• Bitcoin price soared higher this past week above $1680 (data feed from SimpleFX) against the US Dollar.
• There are two bullish trend lines formed with support at $1550 and $1525 on the 4-hours chart of BTC/USD.
• The price may extend its current trend, and could even trade back towards the $1700 level.

Bitcoin price remained elevated against the US Dollar, and it looks like BTC/USD may soon attempt a retest of the $1700 level in the near term.

Bitcoin Price Uptrend Intact

This past week, there was a sharp increase in Bitcoin price, as it tested the $1700 level against the US Dollar. The best part was that there were many resistances break like $1500 and $1600. A solid trend as forecasted in the last weekly analysis above $1450 is established, and we may see more upsides. The price recently tested $1700 (data feed from SimpleFX), but could not break it for a move towards $1720. Later, it started a correction wave and moved below the $1600 support.

It traded as low as $1506 where it found support. At the moment, there are two bullish trend lines formed with support at $1550 and $1525 on the 4-hours chart of BTC/USD. These both trend lines are important for more gains above $1620. The price is already above the 23.6% Fib retracement level of the last decline from the $1700 high to $1506 low.

So, there are high chances of BTC gaining traction and moving above $1650. Currently, it is attempting a break above the 50% Fib retracement level of the last decline from the $1700 high to $1506 low at $1605. If it succeeds, it could open the doors for a full test of the last swing high at $1700. The overall trend remains bullish as long as the price is above $1520.

Looking at the technical indicators:

4-hours MACD – The MACD is currently under minor divergence.

4-hours RSI (Relative Strength Index) – The RSI is moving higher and is above the 50 level.

Major Support Level – $1520

Major Resistance Level – $1650

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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