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technical analysis bitcoin

Bitcoin Price Weekly Analysis: BTC/USD Remains Supported Near $6,380

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin price is holding the $6,380 and $6,350 support levels against the US Dollar.
  • There is a major contracting triangle forming with resistance at $6,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair needs to surpass the $6,420 and $6,460 resistance levels to gain momentum.

Bitcoin price is holding the key $6,350 support against the US Dollar. BTC/USD is likely to break $6,420 to climb towards the $6,460 and $6,500 levels.

Bitcoin Price Analysis

This past week, sellers made many attempts to clear the $6,380 and $6,350 supports in bitcoin price against the US Dollar. However, the BTC/USD pair remained well bid around the $6,380 level, which acted as a strong support. The recent low was formed at $6,385 before the price started an upside correction. It traded above the 23.6% Fib retracement level of the recent decline from the $6,450 high to $6,385 low.

The price also moved above the $6,400 level and the 100 simple moving average (4-hours). However, the upside move was protected by the $6,415-6,420 zone. Besides, the 50% Fib retracement level of the recent decline from the $6,450 high to $6,385 low is acting as a strong resistance. More importantly, there a major contracting triangle forming with resistance at $6,420 on the 4-hours chart of the BTC/USD pair. The pair may soon clear the $6,420 resistance to climb further. However, a proper break and close above the $6,460 resistance is needed for buyers to gain momentum.

Bitcoin Price Weekly Analysis BTC Chart

Looking at the chart, BTC price is well supported on the downside near the $6,380 and $6,350 levels. As long as the price is above these supports, there are high chances of it moving higher towards $6,460. The next main hurdle for buyers are $6,500 and $6,540.

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 flat near the 50 level.

Major Support Level – $6,350

Major Resistance Level – $6,460

Tags: bitcoinbtc
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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