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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Weekly Analysis: BTC/USD Buyers Losing Momentum Above $6,600

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price formed a decent support near the $6,400 level against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $6,540 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is struggling to gain momentum above the $6,600 and $6,650 resistance levels.

Bitcoin price is trading with a positive bias above $6,400 against the US Dollar. BTC/USD must break the $6,650 resistance to gain upside momentum.

Bitcoin Price Analysis

This past week, bitcoin price found a strong buying interest above the $6,400 level against the US Dollar. The BTC/USD pair started an upside move and traded above the $6,480 resistance level. Buyers also surpassed the price above the 23.6% Fib retracement level of the last decline from the $6,800 high to $6,399 low. It opened the doors for more gains and the price spiked above the $6,600 level.

Moreover, there was a break above a major bearish trend line with resistance at $6,540 on the 4-hours chart of the BTC/USD pair. The pair tested the 61.8% Fib retracement level of the last decline from the $6,800 high to $6,399 low. It got rejected and there no proper close above the $6,650 level. The price also struggled to gain momentum above the $6,600 level and the 100 simple moving average (4-hours). A fresh downside leg was initiated and the price declined below the $6,550 level. At the moment, the price is consolidating below the $6,600 level and is preparing for the next move.

Bitcoin Price Weekly Analysis BTC Chart

Looking at the chart, BTC price could climb higher once again above $6,600. However, the price has to gain traction above the $6,650 level. The next hurdles for buyers are near the $6,700 and $6,800 levels. The key supports are at $6,480 and $6,400.

Looking at the technical indicators:

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

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

Major Support Level – $6,400

Major Resistance Level – $6,650

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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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The highest standards in reporting and publishing
How Our News is Made

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