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Bitcoin Price Weekly Analysis: BTC Could Accelerate Gains Above $3,850

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price formed a solid support near the $3,560 level and moved higher against the US Dollar.
  • There is a crucial bearish trend line in place with resistance near $3,850 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move higher towards the $3,850 and $4,000 levels in the near term.

Bitcoin price is showing positive signs above the $3,600 support against the US Dollar. BTC/USD could accelerate gains once there is a break above $3,800 and $3,850.

Bitcoin Price Analysis

This past week, bitcoin price dived below the $3,560 support level against the US Dollar. However, the BTC/USD pair found a strong buying interest near the $3,480 and $3,500 support levels. As a result, there was a sharp bounce above the $3,560 level. The price climbed above the $3,600 and $3,640 resistance levels. Besides, there was a break above the 23.6% Fib retracement level of the last decline from the $4,111 high to $3,489 low. Later, there was a consolidation pattern formed above the $3,600 level.

Finally, there was a break above a contracting triangle with resistance at $3,635 on the 4-hours chart of the BTC/USD pair. The price tested the 100 simple moving average (4-hours) and the $3,800 resistance level. However, the price failed to stay above the 50% Fib retracement level of the last decline from the $4,111 high to $3,489 low. There was a fresh downside move below the $3,700 level and the price is currently trading in a range. On the upside, there are many hurdles, starting with $3,750 and ending with $3,850. Furthermore, there is a crucial bearish trend line in place with resistance near $3,850 on the same chart.

Bitcoin Price Analysis BTC Chart

Looking at the chart, BTC price is clearly showing positive signs above the $3,600 support level. Having said that, a proper close above the $3,800 and $3,850 resistance levels is must for more gains.

Technical indicators

4-hours MACD – The MACD for BTC/USD is currently placed in the bullish zone, with positive signs.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.

Major Support Level – $3,560

Major Resistance Level – $3,850

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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.

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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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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

Ad discliamer

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