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Breaking News: XRP Projected To Reach $8 By 2026: Standard Chartered Identifies Two Major Catalysts

Bitcoin Price Weekly Analysis – BTC/USD Eyes New High

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 7:47 am
2 mins read
Bitcoin Price Weekly Analysis BTC USD

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Key Points

  • Bitcoin price is in super bullish trend and it recently traded above $7950 against the US Dollar.
  • There is a connecting resistance trend line forming with current barrier near $8050 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is now well supported above the $7500 level and eyes a new high above $8000.

Bitcoin price is gaining pace above $7500 against the US Dollar. BTC/USD might soon break $8000 for more gains above $8050.

Bitcoin Price Uptrend

There was a sharp bounce in bitcoin price from the $5800-6000 swing area against the US Dollar. The price moved above the $7000 and $7500 resistance levels. The upside move was strong and the price even traded close to the $8000 level. A new all-time high was formed at $7998 from where the price started a correction. It moved below the 50% Fib retracement level of the last wave from the $7105 low to $7998 high.

However, the downside move was supported by the $7500 level. Moreover, the 61.8% Fib retracement level of the last wave from the $7105 low to $7998 high also acted as a support. The price is now moving back higher and eyes a test of the $8000 level. On the upside, there is a connecting resistance trend line forming with current barrier near $8050 on the 4-hours chart of BTC/USD. The pair might test this trend line again and form a new all-time high above $8000 in the near term.

Bitcoin Price Weekly Analysis BTC USD

On the downside, the price is well above the $7500 support and the 100 simple moving average (H4). There is also a bullish trend line with support at $7650 on the same chart. Therefore, buying dips in the short term remains a good deal above $7500.

Looking at the technical indicators:              

4-hours MACD – The MACD is gaining momentum in the bullish zone.

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

Major Support Level – $7500

Major Resistance Level – $8000

 

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

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