Bitcoin Price Weekly Analysis: BTC/USD Remains in Uptrend Above $6,400

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin price failed to break the $6,800 resistance recently and declined against the US Dollar.
There is a major bullish trend line in place with support at $6,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $6,400 and $6,380 support levels to remain in a positive zone.

Bitcoin price is holding key supports against the US Dollar. BTC/USD could move higher once again as long as it is above the $6,400 support.

Bitcoin Price Analysis

This past week, bitcoin price made a nice upside move from the $6,300-6,310 zone against the US Dollar. The BTC/USD pair climbed higher and broke the $6,500 and $6,700 resistance levels. There was also a close above the $6,500 level and the 100 simple moving average (4-hours). However, the upside move was capped by the $8,000 resistance. The price declined and moved below the 50% Fib retracement level of the last wave from the $6,317 low to $6,800 high.

Later, buyers appeared near the $6,450 level and the 100 SMA. Moreover, there was no test of the 76.4% Fib retracement level of the last wave from the $6,317 low to $6,800 high. On the downside, there is a strong support formed near the $6,400 and $6,380 levels. There is also a major bullish trend line in place with support at $6,400 on the 4-hours chart of the BTC/USD pair. Therefore, if the price dips from the current levels, the $6,400 support could act as a strong buy zone.

Looking at the chart, BTC price is placed nicely above the trend line and the $6,400 support. On the upside, buyers need to push the price above the $6,680 and $6,800 resistance levels. The main resistance for a larger upward move is at $7,000.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly moving in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is just below the 50 level.

Major Support Level – $6,400

Major Resistance Level – $6,800

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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