Bitcoin Price Weekly Analysis: BTC/USD Could Accelerate Gains

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin price is trading with bullish moves above the $7,000 level against the US Dollar.
There was a break above a major bearish trend line with resistance at $7,610 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is now facing another important barrier near the $7,700 level and the 100 simple moving average (4-hours).

Bitcoin price is trading nicely above the $7,400 pivot against the US Dollar. BTC/USD could accelerate gains once it breaks the $7,700 and $8,000 barriers.

Bitcoin Price Decline

After a major decline, bitcoin price formed a decent support above the $7,000 handle against the US Dollar. The price started an upside move and traded above the $7,200 and $7,400 resistance levels. There was also a break above the 23.6% Fib retracement level of the last decline from the $8,606 high to $7,057 low. Moreover, there was a close above $7,500 barrier, which is a positive sign.

During the upside, there was a break above a major bearish trend line with resistance at $7,610 on the 4-hours chart of the BTC/USD pair. The pair is now trading above the $7,550 pivot level and it looks set for more gains in the near term. On the upside, the $7,700 level and the 100 simple moving average (4-hours) is a key hurdle for buyers. Above $7,700, the 50% Fib retracement level of the last decline from the $8,606 high to $7,057 low is positioned at $7,830 to prevent gains.

Looking at the chart, the price has to break the $7,700 and $7,830 resistance levels to trade further higher. On the flip side, if there is a downside correction, the broken resistances at $7,500 and $7,400 are likely to act as supports.

Looking at the 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 is currently just around the 60 level.

Major Support Level – $7,400

Major Resistance Level – $7,830

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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