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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Price Weekly Analysis – Can BTC/USD Hold $9,000?

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Bitcoin Price Weekly Analysis BTC USD

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Key Points

  • Bitcoin price declined this past week and moved below the $10,000 level against the US Dollar.
  • There was a break below a major bullish trend line with support at $10,350 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
  • The pair must stay above the $9,300 and $9,000 support levels to avoid further declines in the near term.

Bitcoin price is under pressure below the $10,000 level against the US Dollar. BTC/USD remains at a risk of more declines if the pair fails to hold the $9,000 support.

Bitcoin Price Resistance

This past week, there was an increase in bearish pressure on bitcoin price from the $10,800 swing high against the US Dollar. The price started a downside move and traded below the $10,500 support level. There was also a break below the 23.6% Fib retracement level of the last wave from the $8,250 low to $11,650 high. Moreover, there was a break below a major bullish trend line with support at $10,350 on the 4-hours chart of the BTC/USD pair.

The pair traded towards the $9,400 support and declined below the 100 simple moving average (4-hours). More importantly, there was a break below the 50% Fib retracement level of the last wave from the $8,250 low to $11,650 high. It has opened the doors for more losses below $10,000. On the downside, the $9,350 support is holding losses and is preventing declines. Should there be a break below $9,350, the price may even decline below the $9,000 level. An intermediate support is near the 76.4% Fib retracement level of the last wave from the $8,250 low to $11,650 high.

Bitcoin Price Weekly Analysis BTC USD

On the upside, a break above the $10,000 resistance is needed for the price to move back in the bullish zone.

Looking at the technical indicators:              

4-hours MACD – The MACD for BTC/USD is currently in the bearish zone.

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

Major Support Level – $9,350

Major Resistance Level – $10,000

 

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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Comments 1

  1. someinterestingstuff4u says:
    7 years ago

    SOS different day. Draw lines on a chart and prognosticate.

    Reply

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Comments 1

  1. someinterestingstuff4u says:
    7 years ago

    SOS different day. Draw lines on a chart and prognosticate.

    Reply

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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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