• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin Price Weekly Analysis
Nexo Logo

Bitcoin Price Weekly Analysis – BTC/USD Eyeing $750?

Aayush Jindal by Aayush Jindal
6 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2 mins read
Advertisement

Key Points

  • Bitcoin price gained a lot of traction this past week versus the US Dollar, and traded higher above $700.
  • There is a monster bullish trend line formed on the daily chart (data feed from SimpleFX) of BTC/USD, which acted as a catalyst for an upside move.
  • If the current momentum continues, there is a chance of a move towards $750.

Bitcoin price surged high further as forecasted in the last weekly analysis of BTC/USD. Now can the pair trade towards the $750 level this upcoming week?

Bitcoin Price Upside Surge

In the last week analysis, I mentioned that Bitcoin price is in an uptrend against the US Dollar, and buying must be favored. The price did move higher and broke a couple of important resistances for a move higher. The most critical break was above the $700 mark, which may now prove crucial in the short term. Recently, the price bounced from a major confluence support area.

It was made up of a monster bullish trend line formed on the daily chart (data feed from SimpleFX) of BTC/USD. Plus, the 38.2% Fib retracement level of the last wave from the $625 low to $675 high acted as a support area. The price moved higher, and broke the swing high of $675, and then $700. No doubt, the price is in an uptrend, and may continue to move higher.

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

Bitcoin Price Weekly Analysis

An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $626 low to $729 high. One may once again consider buying dips as long as the price is above the highlighted trend line support area.

Looking at the technical indicators:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Daily MACD – The MACD is comfortably placed in the bullish zone, suggesting more gains.

Daily RSI (Relative Strength Index) – The RSI is around the overbought levels, but with no signs of a major correction.

Major Support Level – $675

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Major Resistance Level – $730

 

Charts courtesy – SimpleFX

Tags: Bitcoin Price actionBitcoin price analysisBitcoin price chartBitcoin Price Weekly AnalysisblockchainbtcbtcusddaytradingOpiniontradingvirtual currency
Tweet123Share196ShareSend
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

Polkadot

Polkadot (DOT) To Retest $9.88 Resistance – Can Bulls Regain Solid Footing?

6 hours ago
Filecoin

Filecoin Cruises Near Resistance, Now Attempts For A Breakout

8 hours ago
TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

16 hours ago
Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k

Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k

17 hours ago
Ethereum Price

Ethereum Sees Setback After Breaking $2k, But Price Likely to Maintain Upward Trajectory

21 hours ago
Decentraland

Decentraland Consolidates Near $1.05 – Can MANA Attract Buyers Now?

22 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

GNOX (GNOX): Likely Top 50 Crypto Similar To EOS (EOS) And Sandbox (SAND) After Presale Sold-Out Quickly

August 14, 2022

Gnox (GNOX), Sandbox (SAND) and Decentraland (MANA): The Most Promising Investments in 2022

August 14, 2022

HypaSwap, Bitcoin, and Solana – Crypto Crash 2022 Buy For Massive Bull Run Profits!

August 14, 2022

How Eco-Friendly Is Crypto? A Look At Proprivex, Ethereum, and Bitcoin

August 14, 2022

Earn Rewards From Quilvius Using Bitcoin

August 13, 2022

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

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 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.