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Home Technical analysis

Bitcoin Price Weekly Analysis: BTC/USD Testing Crucial Resistance

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
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Key Points

  • Bitcoin price stayed above the $8,000 support level and recovered against the US Dollar.
  • There is a monster bearish trend line forming with resistance at $8,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair has to move above the trend line and settle above $8,300-8,400 for more gains in the near term.

Bitcoin price is currently testing a major resistance near $8,400 against the US Dollar. BTC/USD could accelerate higher once there is a proper close above $8,400.

Bitcoin Price Upside Barrier

This past week, there were further downsides from well above $8,500 in bitcoin price against the US Dollar. The price moved down and broke the $8,200 support level. There was even a spike below the $8,000 pivot level before a low was formed at $7,940. Later, the price started an upside correction and succeeded in moving above the $8,000 pivot level.

There was also break above the 23.6% Fib retracement level of the last drop from the $8,884 high to $7,940 low. However, there is a crucial barrier on the upside near $8,300-8,400, which is preventing further gains. More importantly, there is a monster bearish trend line forming with resistance at $8,300 on the 4-hours chart of the BTC/USD pair. Furthermore, the 50% Fib retracement level of the last drop from the $8,884 high to $7,940 low is also close to the $8,400 level. Therefore, a break and close above the $8,400 resistance is needed for more gains in BTC. The next resistance above $8,400 sits near the $8,800 pivot level.

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Bitcoin Price Weekly Analysis BTC USD

Looking at the chart, the price seems to be approaching a key break above $8,400. If buyers fail to push the price above the mentioned resistance, there could be a downside reaction back towards $8,000.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is currently stable in the bullish zone.

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

Major Support Level – $8,000

Major Resistance Level – $8,400

Tags: Bitcoin Analysisbitcoin priceBitcoin price analysisBitcoin price chartbitcoin technical analysisbtcbtcusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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