Analysis Technical

Bitcoin Price Weekly Analysis – BTC/USD Eyeing Further Gains

Aayush Jindal | February 18, 2018 | 7:28 am
Bitcoin Price Weekly Analysis BTC USD
Analysis

Bitcoin Price Weekly Analysis – BTC/USD Eyeing Further Gains

Aayush Jindal | February 18, 2018 | 7:28 am

Key Points

  • Bitcoin price made a nice upside move and traded above $9,000 and $10,000 against the US Dollar.
  • There is a major ascending channel forming with current support at $10,150 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
  • The pair may continue to rise and the next major resistances are at $11,600 and $12,000.

Bitcoin price showing many bullish signs above $10,000 against the US Dollar. BTC/USD may correct a few points in the short term, but it remains supported above $10,150.

Bitcoin Price Support and Trend

This past week, buyers were in control as bitcoin price succeeded in breaking the $9,000 resistance area against the US Dollar. The upside move was strong and later the price even moved above the $10,000 level to register decent gains. The price is now comfortably placed well above the $10,000 level and the 100 simple moving average (4-hours). The recent high formed was at $11,160 from where the price started correcting lower.

An initial support is around the 23.6% Fib retracement level of the last wave from the $8,250 low to $11,160 high. More importantly, there is a major ascending channel forming with current support at $10,150 on the 4-hours chart of the BTC/USD pair. The channel support at $10,150 is very important since the same level was a resistance earlier and now it is a good buy zone. Moreover, the 38.2% Fib retracement level of the last wave from the $8,250 low to $11,160 high is near $10,040.

Bitcoin Price Weekly Analysis BTC USD

Therefore, if the price corrects lower from the current levels, it could find support near $10,000. On the upside, the price has to break the $11,160 level to gain momentum towards $11,600 and $12,000.

Looking at the technical indicators:              

4-hours MACD – The MACD for BTC/USD is placed strongly in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently near the overbought levels, with no major downside sign.

Major Support Level – $10,000

Major Resistance Level – $11,600

 

Charts courtesy – SimpleFX

Tags: , , , , , , , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!