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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Price Weekly Analysis – BTC/USD Recovery to Fade Soon?

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

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

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Key Points

  • Bitcoin price declined sharply this past week and traded towards $7,500 against the US Dollar.
  • There was a break below a crucial bullish trend line with support at $10,800 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
  • The pair traded as low as $7,599 and it is currently correcting higher toward the $9,500 level.

Bitcoin price is recovering after a major decline below the $8,000 level against the US Dollar. BTC/USD is struggling to move above $9,500 and it may move down once again.

Bitcoin Price Resistance

This past week, we saw a monstrous decline in bitcoin price from well above $11,000 against the US Dollar. The price traded lower and broke the $10,000 and $9,000 support levels. The decline was such that the price even broke the $8,200 and $8,000 support levels. During the downside, there was a break below a crucial bullish trend line with support at $10,800 on the 4-hours chart of the BTC/USD pair. It traded close to the $7,500 level and formed a low at $7,599. Later, an upside correction was initiated and the price move above the $8,000 level.

It also moved above the 23.6% Fib retracement level of the last decline from the $11,820 high to $7,599 low. However, there are many resistances on the upside near the $9,500, $9,650 and $10,000 levels. At the moment, the price is facing sellers near the 38.2% Fib retracement level of the last decline from the $11,820 high to $7,599 low. Above $9,350, there is a horizontal resistance near $9,650. To the topside, there is a bearish trend line with resistance at $10,300.

Bitcoin Price Weekly Analysis BTC USD

Therefore, it won’t be easy for the current recovery to continue above the $9,500 and $10,500 levels.

Looking at the technical indicators:              

4-hours MACD – The MACD is currently reducing its bearish slope.

4-hours RSI (Relative Strength Index) – The RSI is finding it hard to move back above the 50 level.

Major Support Level – $8,000

Major Resistance Level – $10,500

 

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 16

  1. Core Dev says:
    7 years ago

    Let see what happens. If BTC doesn’t hit to $25000 this month then it will never be a million dollar asset.

    Reply
    • Jordan Dean says:
      7 years ago

      do you know what bitcoin is worth as a whole even if it were to go down to 2,500? Still a million dollar asset. If youre referring to 1btc/1mil USD I dont think anyone expects that to happen

      Reply
      • Johnny Bravo says:
        7 years ago

        It serves no utility. That’s the rub – it is all speculation.

        Reply
        • Jordan Dean says:
          7 years ago

          no utility except tons of places except it as a payment, by your logic Stocks are a rube as well by that logic, its all speculation

          Reply
        • jasonjrf says:
          7 years ago

          BTC has a ton of utility you have no idea what your talking about. The utility of the blockchain is what is going to make it go up in price in the long term not the use of it as a currency. All kinds of companies can use blockchain tech. Web 3.0 will probably be built on blockchain tech. Companies can have an easily managed inventory using blockchain.

          Reply
      • Mario Bruneau says:
        7 years ago

        I do! BTC will go to $25k this month and will one day get to $1M.

        Reply
        • Jordan Dean says:
          7 years ago

          a 4x increase in a month? we arent even at the low yet

          Reply
          • Mario Bruneau says:
            7 years ago

            I guess you where right Jordan. Bitcoin newbie here!

  2. ReliveBiz says:
    7 years ago

    Hopefully soon we will be able to hit $25000

    Reply
    • xmrcgpu.com says:
      7 years ago

      Will not hit 10-15k$ till the transaction volume is solved.
      Till then I’m using my own mining SW to mine Monero.
      Profitable today, with future BTC spike, it will make me fortune.

      Reply
    • Johnny Bravo says:
      7 years ago

      Shit in one hand, wish in the other. See which one fills up first.

      Reply
  3. Jon Blowhard says:
    7 years ago

    It’s going to 2500 or less, priced for what it is, gaining Less acceptance as a currency…maybe it will be worth around what an oz of Gold is worth even…if it’s lucky…..can anyone say transaction times/high fees?

    Reply
  4. Andrew says:
    7 years ago

    all wallets should have dollars to exchange for all other currencies. If the btc falls, no one else’s fault. If we had dollars in all the wallets, other currencies would have not fallen.

    Reply
  5. y says:
    7 years ago

    Time to buy!

    Reply
  6. Johnny Bravo says:
    7 years ago

    I see dead people. Everywhere in the crypto space. lol

    Reply
  7. omgwtfbbqhax1 says:
    7 years ago

    blame the institutional investors (aka bastardspawns of AIDSridden whores) in chicago futures market WHO JUST WONT STOP SHORTING.

    explains why this sort of tanking always fucking starts on mondays. Institutions are butthurt that they couldn’t buy bitcoin when they were below $1000, so those jews are trying to fuck over retail investors by manipulating the price downwards.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 16

  1. Core Dev says:
    7 years ago

    Let see what happens. If BTC doesn’t hit to $25000 this month then it will never be a million dollar asset.

    Reply
    • Jordan Dean says:
      7 years ago

      do you know what bitcoin is worth as a whole even if it were to go down to 2,500? Still a million dollar asset. If youre referring to 1btc/1mil USD I dont think anyone expects that to happen

      Reply
      • Johnny Bravo says:
        7 years ago

        It serves no utility. That’s the rub – it is all speculation.

        Reply
        • Jordan Dean says:
          7 years ago

          no utility except tons of places except it as a payment, by your logic Stocks are a rube as well by that logic, its all speculation

          Reply
        • jasonjrf says:
          7 years ago

          BTC has a ton of utility you have no idea what your talking about. The utility of the blockchain is what is going to make it go up in price in the long term not the use of it as a currency. All kinds of companies can use blockchain tech. Web 3.0 will probably be built on blockchain tech. Companies can have an easily managed inventory using blockchain.

          Reply
      • Mario Bruneau says:
        7 years ago

        I do! BTC will go to $25k this month and will one day get to $1M.

        Reply
        • Jordan Dean says:
          7 years ago

          a 4x increase in a month? we arent even at the low yet

          Reply
          • Mario Bruneau says:
            7 years ago

            I guess you where right Jordan. Bitcoin newbie here!

  2. ReliveBiz says:
    7 years ago

    Hopefully soon we will be able to hit $25000

    Reply
    • xmrcgpu.com says:
      7 years ago

      Will not hit 10-15k$ till the transaction volume is solved.
      Till then I’m using my own mining SW to mine Monero.
      Profitable today, with future BTC spike, it will make me fortune.

      Reply
    • Johnny Bravo says:
      7 years ago

      Shit in one hand, wish in the other. See which one fills up first.

      Reply
  3. Jon Blowhard says:
    7 years ago

    It’s going to 2500 or less, priced for what it is, gaining Less acceptance as a currency…maybe it will be worth around what an oz of Gold is worth even…if it’s lucky…..can anyone say transaction times/high fees?

    Reply
  4. Andrew says:
    7 years ago

    all wallets should have dollars to exchange for all other currencies. If the btc falls, no one else’s fault. If we had dollars in all the wallets, other currencies would have not fallen.

    Reply
  5. y says:
    7 years ago

    Time to buy!

    Reply
  6. Johnny Bravo says:
    7 years ago

    I see dead people. Everywhere in the crypto space. lol

    Reply
  7. omgwtfbbqhax1 says:
    7 years ago

    blame the institutional investors (aka bastardspawns of AIDSridden whores) in chicago futures market WHO JUST WONT STOP SHORTING.

    explains why this sort of tanking always fucking starts on mondays. Institutions are butthurt that they couldn’t buy bitcoin when they were below $1000, so those jews are trying to fuck over retail investors by manipulating the price downwards.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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

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