Bitcoin Price Weekly Analysis – BTC/USD Recovery to Fade Soon?

Bitcoin Price Weekly Analysis BTC USD

Key Points

  • Bitcoin price declined sharply this past week and traded towards $7,500 against the US Dollar.
  • There was a break below a crucial bullish trend line with support at $10,800 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
  • The pair traded as low as $7,599 and it is currently correcting higher toward the $9,500 level.

Bitcoin price is recovering after a major decline below the $8,000 level against the US Dollar. BTC/USD is struggling to move above $9,500 and it may move down once again.

Bitcoin Price Resistance

This past week, we saw a monstrous decline in bitcoin price from well above $11,000 against the US Dollar. The price traded lower and broke the $10,000 and $9,000 support levels. The decline was such that the price even broke the $8,200 and $8,000 support levels. During the downside, there was a break below a crucial bullish trend line with support at $10,800 on the 4-hours chart of the BTC/USD pair. It traded close to the $7,500 level and formed a low at $7,599. Later, an upside correction was initiated and the price move above the $8,000 level.

It also moved above the 23.6% Fib retracement level of the last decline from the $11,820 high to $7,599 low. However, there are many resistances on the upside near the $9,500, $9,650 and $10,000 levels. At the moment, the price is facing sellers near the 38.2% Fib retracement level of the last decline from the $11,820 high to $7,599 low. Above $9,350, there is a horizontal resistance near $9,650. To the topside, there is a bearish trend line with resistance at $10,300.

Bitcoin Price Weekly Analysis BTC USD

Therefore, it won’t be easy for the current recovery to continue above the $9,500 and $10,500 levels.

Looking at the technical indicators:              

4-hours MACD – The MACD is currently reducing its bearish slope.

4-hours RSI (Relative Strength Index) – The RSI is finding it hard to move back above the 50 level.

Major Support Level – $8,000

Major Resistance Level – $10,500

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

  • Core Dev

    Let see what happens. If BTC doesn’t hit to $25000 this month then it will never be a million dollar asset.

    • Jordan Dean

      do you know what bitcoin is worth as a whole even if it were to go down to 2,500? Still a million dollar asset. If youre referring to 1btc/1mil USD I dont think anyone expects that to happen

      • Johnny Bravo

        It serves no utility. That’s the rub – it is all speculation.

        • Jordan Dean

          no utility except tons of places except it as a payment, by your logic Stocks are a rube as well by that logic, its all speculation

      • I do! BTC will go to $25k this month and will one day get to $1M.

        • Jordan Dean

          a 4x increase in a month? we arent even at the low yet

  • ReliveBiz

    Hopefully soon we will be able to hit $25000

    • xmrcgpu.com

      Will not hit 10-15k$ till the transaction volume is solved.
      Till then I’m using my own mining SW to mine Monero.
      Profitable today, with future BTC spike, it will make me fortune.

    • Johnny Bravo

      Shit in one hand, wish in the other. See which one fills up first.

  • Jon Blowhard

    It’s going to 2500 or less, priced for what it is, gaining Less acceptance as a currency…maybe it will be worth around what an oz of Gold is worth even…if it’s lucky…..can anyone say transaction times/high fees?

  • Andrew

    all wallets should have dollars to exchange for all other currencies. If the btc falls, no one else’s fault. If we had dollars in all the wallets, other currencies would have not fallen.

  • y

    Time to buy!

  • Johnny Bravo

    I see dead people. Everywhere in the crypto space. lol

  • omgwtfbbqhax1

    blame the institutional investors (aka bastardspawns of AIDSridden whores) in chicago futures market WHO JUST WONT STOP SHORTING.

    explains why this sort of tanking always fucking starts on mondays. Institutions are butthurt that they couldn’t buy bitcoin when they were below $1000, so those jews are trying to fuck over retail investors by manipulating the price downwards.


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