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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Weekly Analysis – BTC/USD Bullish above $15,500

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Price Weekly Analysis BTC USD

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price is recovering and is currently placed nicely above the $15,000 level against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $14,100 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • On the downside, there is a connecting bullish trend line forming with support at $15,800 on the same chart.

Bitcoin price is moving positively from $12,500 low against the US Dollar. BTC/USD is currently eyeing more gains as long as above $15,800.

Bitcoin Price Rise

We saw a decent support base formed in bitcoin price around the $12,000 level against the US Dollar. The price started a nice upside move and managed to move above the $13,000 and $14,000 resistance levels. During the upside move, the price also moved above the $15,000 level and the 100 simple moving average (4-hours). Moreover, there was a break above a key bearish trend line with resistance at $14,100 on the 4-hours chart of BTC/USD.

It opened the gates for more gains and the price was able to move above the $15,000 and $16,000 levels. A high was formed recently at $17,048 from where the price may correct a few points lower. An initial support on the downside is around the 38.2% Fib retracement level of the last wave from the $14,040 low to $17,048 high. Moreover, there is a connecting bullish trend line forming with support at $15,800 on the same chart.

Bitcoin Price Weekly Analysis BTC USD

The trend line support is near the 50% Fib retracement level of the last wave from the $14,040 low to $17,048 high. Therefore, if the price corrects lower, it is likely to find support above $15,500. The overall trend is positive for BTC and the price is likely to move further higher above $17,000.

Looking at the technical indicators:              

4-hours MACD – The MACD is placed nicely in the bearish slope.

4-hours RSI (Relative Strength Index) – The RSI is moving lower towards the 55 level.

Major Support Level – $15,800

Major Resistance Level – $17,000

 

Charts courtesy – SimpleFX

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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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Comments 2

  1. disqus_cHUiPkKxEk says:
    8 years ago

    dd71003716172adf509859da2191d6c54226f355b86b4327c3733d6b9fe076ed

    Reply
  2. omgwtfbbqhax1 says:
    8 years ago

    bullish before coinmarketcap fiasco. the fuckers should be prosecuted for blatant price manipulation

    Reply

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Comments 2

  1. disqus_cHUiPkKxEk says:
    8 years ago

    dd71003716172adf509859da2191d6c54226f355b86b4327c3733d6b9fe076ed

    Reply
  2. omgwtfbbqhax1 says:
    8 years ago

    bullish before coinmarketcap fiasco. the fuckers should be prosecuted for blatant price manipulation

    Reply

Leave a Reply Cancel reply

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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