Bitcoin (BTC) Price Weekly Analysis: Trend Overwhelmingly Bullish To $4,200

Aayush Jindal

Last Updated: June 11, 2024 1:38 pm

2 mins read

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Bitcoin price slowly moved higher and dips remained supported above $3,800 against the US Dollar.
The price fell significantly recently, but buyers protected the $3,800 support area.
There is a crucial ascending channel is in place with support at $3,830 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair remains in an uptrend and it is likely to accelerate above $4,000 and $4,100 in the near term.

Bitcoin price is grinding higher with a positive bias above $3,800 against the US Dollar. BTC/USD buyers are in control and they seem to eye a test of the $4,200 resistance level.

Bitcoin Price Analysis

This past week, there was a steady rise from the $3,700 support area in bitcoin price against the US Dollar. The BTC/USD pair climbed higher and settled above the $3,800 resistance level and the 100 simple moving average (4-hours). However, the price faced a strong resistance near the $3,900 level. There were many attempts to clear the $3,900 barrier, but buyers failed to gain momentum. As a result, there was a sharp decline recently below the $3,850 level. The price even spiked below the $3,800 support and the 100 simple moving average (4-hours).

Buyers took a stand near the $3,760 level and later the price bounced back sharply. It broke the $3,900 resistance and settled well above the 100 simple moving average (4-hours). A new high was formed near the $3,945 level and the price is currently consolidating gains. It is testing the 23.6% Fib retracement level of the recent wave from the $3,765 low to $3,945 high. On the downside, there is a strong support formed near the $3,850 level. The 50% Fib retracement level of the recent wave from the $3,765 low to $3,945 high is also near $3,855.

More importantly, there is a crucial ascending channel is in place with support at $3,830 on the 4-hours chart of the BTC/USD pair. Therefore, the pair remains well supported on the downside near the $3,850 and $3,830 levels. On the upside, the price must break the $4,000 barrier for more gains in the near term.

Looking at the chart, BTC price is clearly trading in an uptrend above the $3,850 and $3,830 supports. The main support is at $3,800, below which there is a risk of more losses. To the upside, a break above the $4,000 resistance may clear the path for a test of the $4,100 and $4,200 levels.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is correcting towards the 55 level.

Major Support Level – $3,830

Major Resistance Level – $4,000

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.

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.
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