Analysis Bitcoin Technical

Bitcoin Price Weekly Analysis – Can BTC/USD Capitalize Further?

Aayush Jindal | January 21, 2018 | 6:00 am
bitcoin price
Analysis

Bitcoin Price Weekly Analysis – Can BTC/USD Capitalize Further?

Aayush Jindal | January 21, 2018 | 6:00 am

Key Points

  • Bitcoin price formed a major bottom at the $9096 low and recovered well against the US Dollar.
  • The BTC/USD pair is currently attempting to settle above two bearish trend lines with resistance at $12,250 on the 4-hours chart (data feed from SimpleFX).
  • The price must settle above the $12800 level to gain upside momentum in the near term.

Bitcoin price is gaining momentum above $11,500 against the US Dollar. BTC/USD is trading with a positive bias and it looks set to break the $12,800 resistance.

Bitcoin Price Resistance

After a major decline, bitcoin price was able to find buyers below the $10,000 level against the US Dollar. A low was formed at $9096 from where an upside recovery was initiated. The price moved higher and was able to trade above the $10,000 resistance. There was a break above the 23.6% Fib retracement level of the last decline from the $14,219 high to $9096 low.

There are many positive signs on the chart above $11,000. More importantly, the price is above the 50% Fib retracement level of the last decline from the $14,219 high to $9096 low. At the moment, the BTC/USD pair is currently attempting to settle above two bearish trend lines with resistance at $12,250 on the 4-hours chart. It is positive sign above $12,000. However, the pair has to settle above the $12,800 level to gain upside momentum. Moreover, the price should clear the 61.8% Fib retracement level of the last decline from the $14,219 high to $9096 low at $13,010.

Bitcoin Price Weekly Analysis BTC USD

Overall, it looks like the pair is around a crucial juncture below $13,000. Should bitcoin succeeds in moving above $13,000, there could be more gains in the near term above $15,000.

Looking at the technical indicators:              

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

4-hours RSI (Relative Strength Index) – The RSI is just above the 50 level and is moving down slowly.

Major Support Level – $11,000

Major Resistance Level – $13,000

 

Charts courtesy – SimpleFX

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  • Core Dev

    The sad thing is that that some fuc***ng states want to regulate it like AU and Germany

    • saw

      Those are not states

      • Core Dev

        😀

    • Humboldt10

      Remember how the silver bubble ended in the mid 70s? The commodities regulators raised margin requirements causing margin calls and then selling to cover. Then they brought the Hunt brothers before congress and browbeat them to death. Beware!

  • Phillip Walker

    Sometimes I think Aayush Jindal has no idea about TA and he just looks at the charts and literally says where the lines are.

    Here is my take: both the 4-hour and 6-hour MACD and RSI are about to go down. There is a clear ‘head and shoulder’ pattern here and it is likely the BTC price will go down, i.e. revisit 10k and even 9k ranges within the next 48 hours.

    Also, whoever pays this guy to do TA should not be paying him half of what he gets now 😉

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