Bitcoin Price Weekly Analysis

Bitcoin Price Weekly Analysis – $605-10 Is Crucial For BTC/USD?

Key Points

  • Bitcoin price after declining towards $580 against the US Dollar managed to recover a few points.
  • There is a crucial bearish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which can act as a major barrier for upsides.
  • The $605-10 area is a crucial resistance area and may provide offers to the buyers.

Bitcoin price remained under a bearish pressure this past week versus the US Dollar, and now BTC/USD is approaching a major resistance.

Bitcoin Price Resistance

Bitcoin price after trading in a range versus the US Dollar above the $600 level for some time found sellers and moved down. There was a sharp downside reaction, taking the price towards $580 where somehow the bulls appeared. The price traded as low as $581 and currently correcting higher. It is now above the 38.2% Fib retracement level of the last drop from the $613 high to $581 low.

So, there is a chance that the price may continue to move higher. However, there is a monster resistance waiting for the bulls on the upside at $605-10 levels. There is a crucial bearish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. Moreover, the 100 simple moving average (H4 chart) is also around the same trend line resistance. Last, but not the least, the 76.4% Fib retracement level of the last drop from the $613 high to $581 low is also positioned around the same resistance.

Bitcoin Price Weekly Analysis

We can say that there is a major barrier at $605-10 where the buyers may struggle. One may even consider selling near it with a stop of $2-3.

Looking at the technical indicators:

4-hours MACD – The MACD is currently attempting to stay in the bullish zone, but there is hardly any momentum.

4-hours RSI (Relative Strength Index) – The RSI is just around the 50 level, waiting for the next move.

Major Support Level – $595

Major Resistance Level – $610

 

Charts courtesy – SimpleFX

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