20-08-2017
01:29 pm
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Bitcoin Price Weekly Analysis – BTC/USD Eyes $3500




Bitcoin price is gaining pace against the US Dollar and other cryptocurrencies, and now BTC/USD is all set for a run towards the $3500 level.
Bitcoin Price Weekly Analysis BTC USD

Key Points

  • Bitcoin price overcame all odds of the Hard Fork and moved to a new high of $3328 against the US Dollar.
  • There is a monster bullish trend line with support at $2800 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The price is currently moving lower, but remains well supported near $3120 and $3000.

Bitcoin price is gaining pace against the US Dollar and other cryptocurrencies, and now BTC/USD is all set for a run towards the $3500 level.

Bitcoin Price Rise

Bitcoin price was under pressure this past week due to the Hard Fork and consolidated near $2700 against the US Dollar. Later, the price overcame all odds of the Hard Fork and moved to a new all-time high of $3328. The price traded with a lot of positive bias above $2500. It broke many hurdles on the way up such as the $3000 and $3100 levels. The most important break was above the $2920 pivot, which opened the doors for more gains.

The price traded as high as $3328 and currently placed well above the 100 simple moving average (H4). A correction wave was initiated recently and the price is trading near $3220. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $2644 low to $3328 high. However, the chances of any major declines are limited as long as the price is above $3000.

Bitcoin Price Weekly Analysis BTC USD

The 50% Fib retracement level of the last wave from the $2644 low to $3328 high and the $2950 level may act as a strong support. The price is likely to continue higher and might soon break the $3300 level for a run towards $3500.

Looking at the technical indicators:

4-hours MACD – The MACD is strongly placed in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently in the overbought zone.

Major Support Level – $3000

Major Resistance Level – $3300

 

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.

Published by

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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