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Bitcoin Price Weekly Analysis BTC USD

Bitcoin Price Weekly Analysis – BTC/USD Bullish Channel Forming

Avatar Aayush Jindal 3 years ago

Key Points

  • Bitcoin price remained well-supported above $2240 against the US Dollar, and looks set for more gains.
  • There is a major ascending channel pattern with support at $2245 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • A break and close above $2480 might call for a run towards the last high at $2684.

Bitcoin price is eyeing further gains above $2500 against the US Dollar, as there is a crucial bullish channel forming for BTC/USD.

Bitcoin Price to Retest $2680?

There was a decent uptrend formed after Bitcoin price tested the $1800 support against the US Dollar. The price slowly and steadily moved higher and traded above the $2150 and $2300 resistance levels. At the moment, it is well-supported above the $2240-2420 levels. During the upside move, the price broke the 50% Fib retracement level of the last decline from the $2684 high to $1805.

A close above $2300 is a great sign, and suggests further gains in BTC moving ahead. There is a major ascending channel pattern with support at $2245 forming on the 4-hours chart of BTC/USD. The channel resistance is at $2470-77, and the price is currently struggling to break it. The $2477 resistance also coincides with the 76.4% Fib retracement level of the last decline from the $2684 high to $1805. Therefore, a break above $2477 might open the doors for a move towards the previous all-time high at $2684.

Bitcoin Price Weekly Analysis BTC USD

On the downside, the channel support is at $2240, which holds the key for the current bullish trend. As long as the price is above $2200 and the 100 simple moving average (H4), there can be further gains in the near term.

Looking at the technical indicators:

4-hours MACD – The MACD is currently moving nicely in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is correcting overbought readings, but showing bullish signs.

Major Support Level – $2200

Major Resistance Level – $2480

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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