Analysis Bitcoin

Bitcoin Price Weekly Analysis – BTC/USD Eyes $3500

Aayush Jindal | August 6, 2017 | 6:00 am
Bitcoin Price Weekly Analysis BTC USD
Analysis

Bitcoin Price Weekly Analysis – BTC/USD Eyes $3500

Aayush Jindal | August 6, 2017 | 6:00 am

Key Points

  • Bitcoin price overcame all odds of the Hard Fork and moved to a new high of $3328 against the US Dollar.
  • There is a monster bullish trend line with support at $2800 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The price is currently moving lower, but remains well supported near $3120 and $3000.

Bitcoin price is gaining pace against the US Dollar and other cryptocurrencies, and now BTC/USD is all set for a run towards the $3500 level.

Bitcoin Price Rise

Bitcoin price was under pressure this past week due to the Hard Fork and consolidated near $2700 against the US Dollar. Later, the price overcame all odds of the Hard Fork and moved to a new all-time high of $3328. The price traded with a lot of positive bias above $2500. It broke many hurdles on the way up such as the $3000 and $3100 levels. The most important break was above the $2920 pivot, which opened the doors for more gains.

The price traded as high as $3328 and currently placed well above the 100 simple moving average (H4). A correction wave was initiated recently and the price is trading near $3220. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $2644 low to $3328 high. However, the chances of any major declines are limited as long as the price is above $3000.

Bitcoin Price Weekly Analysis BTC USD

The 50% Fib retracement level of the last wave from the $2644 low to $3328 high and the $2950 level may act as a strong support. The price is likely to continue higher and might soon break the $3300 level for a run towards $3500.

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI is currently in the overbought zone.

Major Support Level – $3000

Major Resistance Level – $3300

 

Charts courtesy – SimpleFX

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