Analysis Bitcoin

Bitcoin Price Weekly Analysis – BTC/USD Buyers In Control

Aayush Jindal | October 22, 2017 | 6:00 am
Bitcoin Price Weekly Analysis BTC USD
Analysis

Bitcoin Price Weekly Analysis – BTC/USD Buyers In Control

Aayush Jindal | October 22, 2017 | 6:00 am

Key Points

  • Bitcoin price spiked this past week and moved above the $6000 handle against the US Dollar.
  • There is a monster bullish trend line forming with support at $5510 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is currently correcting lower and approaching towards the $5750 support area.

Bitcoin price remains in a major uptrend above $5600 against the US Dollar. BTC/USD might even trade past $6200 in the near term.

Bitcoin Price Uptrend Intact

This past week was mainly bullish for Bitcoin price as it moved above the $6000 handle against the US Dollar. A new all-time high was formed near $6170 as buyers were completely in control. Earlier, there was a dip from the $5750 swing high towards the $5100 handle where buyers emerged. Mainly, a monster bullish trend line with current support at $5510 on the 4-hours chart of BTC/USD prevented declines. It acted as a major support zone above $5100.

The pair spiked higher and traded as high as $6171. At the moment, the pair is correcting lower and trading near the 23.6% Fib retracement level of the last wave from the $5097 low to $6171 high. A resistance trend line acted as a barrier for more gains near $6170 and ignited a correction. On the downside, there is a short-term trend line with support at $5750.

Bitcoin Price Weekly Analysis BTC USD

The trend line support is also close to the 38.2% Fib retracement level of the last wave from the $5097 low to $6171 high. Therefore, any dips from the current levels remain supported near $5750. Below $5750, the main bullish trend line at $5510 might come into the picture. The overall trend remains bullish as long as the price is above $5500.

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 moving towards the 55-50 levels.

Major Support Level – $5750

Major Resistance Level – $6170

 

Charts courtesy – SimpleFX

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