Analysis Crypto

Bitcoin Price Weekly Analysis – BTC/USD Eyeing $750?

Aayush Jindal | October 30, 2016 | 6:00 am
Bitcoin Price Weekly Analysis
Analysis

Bitcoin Price Weekly Analysis – BTC/USD Eyeing $750?

Aayush Jindal | October 30, 2016 | 6:00 am

Key Points

  • Bitcoin price gained a lot of traction this past week versus the US Dollar, and traded higher above $700.
  • There is a monster bullish trend line formed on the daily chart (data feed from SimpleFX) of BTC/USD, which acted as a catalyst for an upside move.
  • If the current momentum continues, there is a chance of a move towards $750.

Bitcoin price surged high further as forecasted in the last weekly analysis of BTC/USD. Now can the pair trade towards the $750 level this upcoming week?

Bitcoin Price Upside Surge

In the last week analysis, I mentioned that Bitcoin price is in an uptrend against the US Dollar, and buying must be favored. The price did move higher and broke a couple of important resistances for a move higher. The most critical break was above the $700 mark, which may now prove crucial in the short term. Recently, the price bounced from a major confluence support area.

It was made up of a monster bullish trend line formed on the daily chart (data feed from SimpleFX) of BTC/USD. Plus, the 38.2% Fib retracement level of the last wave from the $625 low to $675 high acted as a support area. The price moved higher, and broke the swing high of $675, and then $700. No doubt, the price is in an uptrend, and may continue to move higher.

Bitcoin Price Weekly Analysis

An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $626 low to $729 high. One may once again consider buying dips as long as the price is above the highlighted trend line support area.

Looking at the technical indicators:

Daily MACD – The MACD is comfortably placed in the bullish zone, suggesting more gains.

Daily RSI (Relative Strength Index) – The RSI is around the overbought levels, but with no signs of a major correction.

Major Support Level – $675

Major Resistance Level – $730

 

Charts courtesy – SimpleFX

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