Bitcoin Price Weekly Analysis – Can BTC/USD Hold This?

Key Points

• Bitcoin price remained in an uptrend against the US Dollar and moved above $1200.
• Out long followed bullish trend line on the 4-hours chart (data feed from SimpleFX) of BTC/USD is still acting as a major support near $1170.
• However, the price is losing the steam, and remains at a risk of a downside move.

Bitcoin price traded above $1220 against the US Dollar this past week, and now BTC/USD is trading near a major support area. Can it hold?

Bitcoin Price Important Bullish Trend Line Support

It was a good week for Bitcoin against the US Dollar, as the price traded above $1200. The BTC/USD pair remained in an uptrend and gained heavy bids. However, the Bitcoin was seen struggling against the Ethereum, as ETH/BTC traded above the 0.0150BTC resistance area. So, the market sentiment for BTC/USD was not that aggressive, as it should have been. The BTC/USD pair maintained a slow and steady pace for an uptrend for a move above $1200.

The most important thing was our long followed bullish trend line on the 4-hours chart (data feed from SimpleFX) of BTC/USD. It is currently positioned near $1170 as a support. We can see how many times the price bounced, and traded higher. However, during the recent times, it lost pace, which puts the price at a risk below $1170. If there is a break below the monster trend line support at $1170, there can be more losses.

On the other hand, if the price keeps holding the support trend line, it may bounce. On the upside, there is a resistance trend line at $1225, acting as a hurdle for further gains. A break above it might push the price further higher. Overall, the price is bullish as long as above the highlighted trend line support at $1170.

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI is heading towards the 50 level, which might play an important role.

Major Support Level – $1170

Major Resistance Level – $1225

 

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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