Analysis Technical

Bitcoin Price Weekly Analysis: BTC/USD’s Next Target $8,500

Aayush Jindal | July 22, 2018 | 6:48 am
technical analysis bitcoin
Analysis

Bitcoin Price Weekly Analysis: BTC/USD’s Next Target $8,500

Aayush Jindal | July 22, 2018 | 6:48 am

Key Points

  • Bitcoin price gained momentum and settled above $7,200 against the US Dollar.
  • There is a major bullish trend line forming with support at $7,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to make the next move either above $7,600 or below $7,240 in the near term.

Bitcoin price is placed nicely in an uptrend above $7,000 against the US Dollar. BTC/USD is eyeing the next break either above $7,600 or below $7,240.

Bitcoin Price Range Pattern

This past week, there was a major upside move above the $6,800 resistance in bitcoin price against the US Dollar. The BTC/USD pair jumped above the $7,000 and $7,200 resistance levels to gain traction. It even spiked above the $7,500 resistance and traded as high as $7,672. Later, the price started trading in a range below the $7,650 resistance area and is currently preparing for the next move.

The price recently tested the 23.6% Fib retracement level of the last wave from the $6,079 low to $7,672 high. However, declines were limited and the price remained well supported above the $7,250 level. It seems like there is a key range forming with resistance near $7,600 and support at $7,240. Should there be a break below the $7,240 support, the price could decline towards the next support at $7,000. Moreover, there is a major bullish trend line forming with support at $7,000 on the 4-hours chart of the BTC/USD pair. Around the trend line, the 50% Fib retracement level of the last wave from the $6,079 low to $7,672 high is also a strong support.

Bitcoin Price Weekly Analysis BTC USD

Looking at the chart, the price is most likely to break the $7,600 resistance for more gains towards $8,000 and $8,500. In the second case, dips remain well supported near the $7,240 and $7,000 levels.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is reducing its bearish slope with bullish signs.

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

Major Support Level – $7,000

Major Resistance Level – $7,600

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.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.