Bitcoin Price Weekly Analysis – BTC/USD Uptrend Continues

Key Points

• Bitcoin price continued to gain pace against the US Dollar and moved above the $1100 resistance.
• The last week’s highlighted bullish trend line on the 4-hours chart (data feed from SimpleFX) of BTC/USD is still active with support at $1060.
• The recent new high at $1194 was a nice move, and suggests more gains in the near term.

Bitcoin price grinded higher against the US dollar for a move towards $1200. More gains are possible going forwards in BTC/USD.

Bitcoin Price Buy Dips?

There was a solid buying interest for Bitcoin against the US Dollar, as the price moved past $1100. The BTC/USD pair was almost able to challenge the $1200, and traded as high as $1194 (data feed from SimpleFX). Once there was a break above the last swing high of $1114, the price gained pace and moved past $1180. Later, it found resistance near $1194 and started a correction.

During the dip, the price moved below the 23.6% Fib retracement level of the last wave from the $916 low $1194 high. However, the downside correction was strong, which pushed the price towards $1080 where it found support. The same level was also the 38.2% Fib retracement level of the last wave from the $916 low $1194 high. So, we can say it may have completed a correction pattern and could trade back towards $1150.

If there is an extension of the correction, the price might test the last week’s highlighted bullish trend line on the 4-hours chart at $1060. The 100 simple moving average (H4) is also positioned just below the trend line. Overall, it looks like the price is well supported on the downside, and buying dips near $1080 and $1060 might be considered.

Looking at the technical indicators:

4-hours MACD – The MACD is in the bullish zone, but slightly reducing the slope.

4-hours RSI (Relative Strength Index) – The RSI has corrected from the overbought levels, and testing the 50 level.

Major Support Level – $1060

Major Resistance Level – $1140

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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