Bitcoin (BTC) Price Weekly Forecast: Signs of Bullish Continuation

Aayush Jindal

Last Updated: June 11, 2024 1:33 pm

2 mins read

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There are positive signs emerging for bitcoin above the $9,200 support against the US Dollar.
The price is slowly moving higher and it could retest the $9,770 resistance area in the near term.
There was a break above a key contracting triangle with resistance near $9,240 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The price remains well supported and it could even surge above $9,800 in the coming days.

Bitcoin price is trading above key supports near $9,000 and $9,200 against the US Dollar. BTC must stay above $8,600 to remain in uptrend and start a fresh increase.

Bitcoin Price Weekly Analysis (BTC)

This past week, there was a slow and steady decline in bitcoin below the $8,400 support against the US Dollar. Moreover, BTC price also traded below the $8,200 support area. Finally, it spiked below the $8,000 support, but remained well above the 100 simple moving average (4-hours).

A swing low was formed near $8,960 and the price recently started an upward move. There was a break above the $8,100 and $8,200 resistance levels to start a decent increase.

More importantly, there was a break above a key contracting triangle with resistance near $9,240 on the 4-hours chart of the BTC/USD pair. At the moment, the price is trading near the 23.6% Fib retracement level of the downward move from the $10,584 high to $8,960 low.

If there are more gains, the price could continue to rise towards the $9,500 and $9,600 resistance levels. Besides, the main resistance is near the $9,770 level. It represents the 50% Fib retracement level of the downward move from the $10,584 high to $8,960 low.

On the downside, there are many supports between $9,200 and $8,960. If there is a bearish break below the $8,960 swing low, there are chances of a sharp decline. The next key support is near $8,600 and the 100 simple moving average (4-hours).

Therefore, the $8,500 and $8,600 support levels are likely to play an important role. As long as the price is above the $8,500 support, there are chances of a fresh increase above the $9,500 level.

Looking at the chart, bitcoin price is clearly showing signs of bullish continuation above $9,500. Having said that, a clear break above the $9,500 and $9,770 resistance levels is needed for uptrend acceleration. In the mentioned case, the price is likely to revisit $10,580.

Technical indicators

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

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

Major Support Level – $8,960

Major Resistance Level – $9,500

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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