Bitcoin Price Weekly Analysis – BTC/USD To Surpass $4600

Key Points

• Bitcoin price is back in the bullish zone and might soon break the $4600 level against the US Dollar.
• There is a crucial contracting triangle pattern forming with support at $4320 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
• The pair might continue to move higher and remains a buy on dips towards $4300.

Bitcoin price is trading with a positive sentiment above $4200 against the US Dollar. BTC/USD might soon gain traction and break $4600.

Bitcoin Price Uptrend

There were decent swing moves in Bitcoin price towards the $4400 level against the US Dollar. The price corrected lower once from the $4460 level and traded towards the $4150 support area. The downside move was limited by a major support area above $4100. The price recovered and moved back above the 61.8% Fib retracement level of the last decline from the $4464 high to $4137 low.

It is a positive sign and might take the price further above $4500. Now, since the price is above the 76.4% Fib retracement level of the last decline from the $4464 high to $4137 low, there is a chance of an upside break above $4464. Once there is a break above $4464, the price might clear $4500 to test $4600. The 1.236 extension of the last decline from the $4464 high to $4137 low at $4542 is an intermediate resistance.

The price is likely to test the 1.618 extension of the last decline from the $4464 high to $4137 low at $4667 is the current trend remains intact. Buying dips remain a good option towards $4300 as long as the price is above a crucial contracting triangle pattern with support at $4320 on the 4-hours chart of BTC/USD.

Looking at the technical indicators:

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

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

Major Support Level – $4300

Major Resistance Level – $4540

 

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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