Bitcoin Price Weekly Analysis – BTC/USD To Retest $1000?

Key Points

• Bitcoin price managed to start recovering from the $710-700 area, and currently trading higher against the US Dollar.
• There is nice solid bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which is acting as a catalyst for an upside move.
• The price is also above the 100 simple moving average (H4) at $850, which is a positive sign.

Bitcoin price started a nice upside move vs the US Dollar, and it looks like there is a chance of BTC/USD retesting the $1000 level.

Bitcoin Price Bullish Trend

This past week we saw how Bitcoin price started a recovery against the US Dollar, traded back above the $800 level. We saw a flag pattern formed on the 4-hours chart of BTC/USD, which continued to act as a support and pushed the price above $800. The trend continued this past week, as the price after a consolidation started trading higher.

At first, the price broke the 23.6% Fib retracement level of the last decline from the $1302 high to $707 low (data feed from SimpleFX). Later, the price managed to break the 100 simple moving average (H4) at $850. This ignited an upside move, and the price is now above $900. Moreover, the price has also settled above the 38.2% Fib retracement level of the last decline from the $1302 high to $707 low. All in all, these are positive signs, and may lift the price further higher.

The next stop for Bitcoin price looks near $1000, as it is a major hurdle. It acted as a resistance earlier as well, and may act as a barrier on this occasion as well. Overall, the price is in an uptrend, and may continue to gain pace.

Looking at the technical indicators:

4-hours MACD – The MACD is well into the bullish slope.

4-hours RSI (Relative Strength Index) – The RSI is reaching the overbought levels, but still heading north.

Major Support Level – $900

Major Resistance Level – $1000

 

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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