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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Weekly Analysis – BTC/USD’s Upside Drift

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

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Key Points

  • Bitcoin price continues to trade higher and it recently moved above $8800 against the US Dollar.
  • There was a break above an ascending channel with resistance at $8650 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is now gaining pace above $8500 and looks set to break the $9000 level in the near term.

Bitcoin price is moving higher above $8800 against the US Dollar. BTC/USD might soon break $9000 to trade further higher in the near term.

Bitcoin Price Upside Break

There were continuing gains in bitcoin price above the $8000 level against the US Dollar. The price was able to move above the $8800 level as well and formed a new all-time high at $8888.46. During the upside move, there was a break above the $7500 and $8000 resistance levels. Moreover, there was a break above an ascending channel with resistance at $8650 on the 4-hours chart of BTC/USD.

The mentioned breaks opened the doors for more gains above $8800. It seems like the current trend is very positive and the price is likely to accelerate higher above $8800. The next resistance on the way is around the $9000 level. On the downside, the broken channel near $8650 is likely to act as a support if the price moves down. Moreover, the 23.6% Fib retracement level of the last wave from the $875 low to $8888 high is also near $8650.

Bitcoin Price Weekly Analysis BTC USD

Therefore, the $8650 level is a major support in the short term. Below $8650, the 50% Fib retracement level of the last wave from the $875 low to $8888 high at $8382 might be tested. Below this last, the most important support zone is near $8200-8000. The upside targets could be $9000, $9200 and $9800.

Looking at the technical indicators:              

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

4-hours RSI (Relative Strength Index) – The RSI is moving higher in the overbought levels above 75.

Major Support Level – $8650

Major Resistance Level – $9000

 

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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