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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Weekly Analysis – BTC/USD To Surpass $4600

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Price Weekly Analysis BTC USD

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price is back in the bullish zone and might soon break the $4600 level against the US Dollar.
  • There is a crucial contracting triangle pattern forming with support at $4320 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair might continue to move higher and remains a buy on dips towards $4300.

Bitcoin price is trading with a positive sentiment above $4200 against the US Dollar. BTC/USD might soon gain traction and break $4600.

Bitcoin Price Uptrend

There were decent swing moves in Bitcoin price towards the $4400 level against the US Dollar. The price corrected lower once from the $4460 level and traded towards the $4150 support area. The downside move was limited by a major support area above $4100. The price recovered and moved back above the 61.8% Fib retracement level of the last decline from the $4464 high to $4137 low.

It is a positive sign and might take the price further above $4500. Now, since the price is above the 76.4% Fib retracement level of the last decline from the $4464 high to $4137 low, there is a chance of an upside break above $4464. Once there is a break above $4464, the price might clear $4500 to test $4600. The 1.236 extension of the last decline from the $4464 high to $4137 low at $4542 is an intermediate resistance.

Bitcoin Price Weekly Analysis BTC USD

The price is likely to test the 1.618 extension of the last decline from the $4464 high to $4137 low at $4667 is the current trend remains intact. Buying dips remain a good option towards $4300 as long as the price is above a crucial contracting triangle pattern with support at $4320 on the 4-hours chart of BTC/USD.

Looking at the technical indicators:

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

4-hours RSI (Relative Strength Index) – The RSI is now well above the 50 level.

Major Support Level – $4300

Major Resistance Level – $4540

 

Charts courtesy – SimpleFX

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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