• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin Price Weekly Analysis: BTC’s Bullish Break Looks Real Towards $4,500

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
Advertisement
Nexo Logo
Listen to Article
  • Bitcoin price extended gains and broke the $3,950 and $4,000 resistance levels against the US Dollar.
  • The price traded to a new 2019 high above $4,100 and it could continue to rise in the near term.
  • There was a break above a major triangle pattern with resistance near $3,950 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair traded above the $4,150 resistance and it could accelerate towards $4,250 and $4,400.

Bitcoin price climbed higher sharply above the $4,000 barrier against the US Dollar. BTC/USD could correct a few points, but dips remain supported above $4,000 in the short term.

Bitcoin Price Analysis

This past week, we saw a lot of bullish moves above the $3,600 support in bitcoin price against the US Dollar. The BTC/USD pair rallied above the $3,800 and $3,900 resistance levels. However, sellers fought hard near the $3,950 and $4,000 resistance levels. As a result, there were a couple of bearish moves, but the $3,800 support area acted as a solid buy zone. Finally, buyers had the upper hand and pushed the price above the $3,950 and $4,000 resistance levels.

More importantly, there was a break above a major triangle pattern with resistance near $3,950 on the 4-hours chart of the BTC/USD pair. The pair settled above the $4,000 level and the 100 simple moving average (4-hours). The upward move was such that the price traded to a new 2019 high above $4,100. It traded towards the $4,200 level and a high was formed at $4,191. The price is currently correcting lower, but it remains well supported above $4,100 and $4,050. An initial support is the 23.6% Fib retracement level of the last wave from the $3,871 low to $4,191 high.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the downside, there are many supports near the $4,050 level. Below $4,050, the next support is near the $4,030 level. It represents the 50% Fib retracement level of the last wave from the $3,871 low to $4,191 high. The main support is near the $4,000 level (the previous resistance). Therefore, if there is a downside correction, the price may perhaps find buyers near $4,050 and $4,000.

Bitcoin Price Analysis BTC Chart

Looking at the chart, BTC price is placed nicely in a strong uptrend above the $4,000 resistance area. In the short term, there could be a pullback, but buyers are likely to protect $4,000. On the upside, a break above the $4,200 level could open the doors for $4,250 and $4,400.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 70 level.

Major Support Level – $4,000

Major Resistance Level – $4,200

Tags: bitcoinbtc
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Chainlink (LINK)

Charted: Chainlink (LINK) Revisits $18, Why It Could Soon Break $20

3 hours ago
Ethereum

TA: Ethereum Struggles Near $1,250: Why ETH Remains Attractive On Dips

5 hours ago
Bitcoin

TA: Bitcoin Revisits $40K, What Are Chances of BTC Hitting New ATH

7 hours ago
Bitcoin

Bitcoin Just Reached this “Key Zone” — Here’s What Analysts Say Comes Next

14 hours ago
ethereum eth crypto

Capital Manager: Ethereum Will Double In Two Weeks Once ATH Is Broken

15 hours ago
bitcoin

Bitcoin Just Passed $40,000: Here’s What Investors Are Saying

19 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

RAI Finance Pre-sale Finishes in 1 Minute

January 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.