Bitcoin Price Weekly Analysis – BTC/USD’s Upside Drift




Bitcoin Price Weekly Analysis BTC USD

Key Points

  • Bitcoin price continues to trade higher and it recently moved above $8800 against the US Dollar.
  • There was a break above an ascending channel with resistance at $8650 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is now gaining pace above $8500 and looks set to break the $9000 level in the near term.

Bitcoin price is moving higher above $8800 against the US Dollar. BTC/USD might soon break $9000 to trade further higher in the near term.

Bitcoin Price Upside Break

There were continuing gains in bitcoin price above the $8000 level against the US Dollar. The price was able to move above the $8800 level as well and formed a new all-time high at $8888.46. During the upside move, there was a break above the $7500 and $8000 resistance levels. Moreover, there was a break above an ascending channel with resistance at $8650 on the 4-hours chart of BTC/USD.

The mentioned breaks opened the doors for more gains above $8800. It seems like the current trend is very positive and the price is likely to accelerate higher above $8800. The next resistance on the way is around the $9000 level. On the downside, the broken channel near $8650 is likely to act as a support if the price moves down. Moreover, the 23.6% Fib retracement level of the last wave from the $875 low to $8888 high is also near $8650.

Bitcoin Price Weekly Analysis BTC USD

Therefore, the $8650 level is a major support in the short term. Below $8650, the 50% Fib retracement level of the last wave from the $875 low to $8888 high at $8382 might be tested. Below this last, the most important support zone is near $8200-8000. The upside targets could be $9000, $9200 and $9800.

Looking at the technical indicators:              

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

4-hours RSI (Relative Strength Index) – The RSI is moving higher in the overbought levels above 75.

Major Support Level – $8650

Major Resistance Level – $9000

 

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 a DECADE 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, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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