Bitcoin Price Weekly Analysis

Bitcoin Price Weekly Analysis – BTC/USD Further Gains Likely

Key Points

  • Bitcoin price surged higher this past week versus the US Dollar to register a close above the $635 resistance.
  • There is a flag pattern forming on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which may ignite another rally.
  • The price may break the recent high of $647 to challenge the $650 level moving ahead.

Bitcoin price is currently in a bullish trend against the US Dollar, and it looks like the BTC/USD pair may trade further higher this week.

Bitcoin Price Buy Dips

In the last weekly analysis, I stated that Bitcoin is a good buy on the dips against the US Dollar in the short term. It looks like the idea did work as BTC price managed to climb higher and registered a close above the $635 resistance. There was a nice upside move, which took Bitcoin price above a couple of important hurdles. There was a new weekly high posted at $647, and currently the price is consolidating.

There is a flag pattern forming on the 4-hours chart (data feed from SimpleFX) of BTC/USD. It may play a major role in the short term, and could spark yet another rally. On the downside, the 23.6% Fib retracement level of the last wave from the $611 low to $647 high is acting as a support along with the flag lower trend line. As long as the price is above it, there is a chance of a break higher.

Bitcoin Price Weekly Analysis

The next stop on the upside may be around the $650 level where the BTC sellers may try their best to prevent any additional gains. If at all, there is a downside break, then the 50% Fib retracement level of the last wave from the $611 low to $647 high may be tested.

Looking at the technical indicators:

4-hours MACD – The MACD is currently placed in the bullish zone, but slowly losing momentum.

4-hours RSI (Relative Strength Index) – The RSI is well above the 50 level, which is a positive sign.

Major Support Level – $635

Major Resistance Level – $650

 

Charts courtesy – SimpleFX

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