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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin Price Weekly Analysis
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Bitcoin Price Weekly Analysis –BTC/USD Facing Major Resistance

Aayush Jindal by Aayush Jindal
7 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin price after declining close to the $540 level against the US dollar managed to recover well.
  • BTC/USD traded above the $600 level once again, but currently facing a major resistance area near $675.
  • There is a bearish trend line formed on the 4-hours chart (data feed from Bitstamp) of BTC/USD, which is acting as a hurdle for more gains.

Bitcoin price is forming a nice bullish pattern, but currently facing as a critical resistance area, which holds the key for BTC/USD in the near term.

Bitcoin Price Resistance

Bitcoin price after a sharp fall from $780 to $540 managed to gain bids, and then started to recover. During the upside move, it broke the 38.2% Fib retracement level of the last drop from the $760 high to $540 low. It means the strength of the recent move was excellent, and may call for more gains in the near term.

However, the price is currently facing a major hurdle on the upside around a bearish trend line formed on the 4-hours chart (data feed from Bitstamp) of BTC/USD. There are two more elements aligned around the trend line resistance. First, the 100 simple moving average on the 4-hours chart, and the second is the 61.8% Fib retracement level of the last drop from the $760 high to $540 low. Both along with the trend line is acting as a major resistance area for BTC.

Bitcoin Price Weekly Analysis

A break above it could trigger more gains. However, I think there are chances of a move down in BTC as long as it is below the 100 SMA (H4).

Looking at the technical indicators:

4-hours MACD – The MACD is in the bullish slope, but it is showing signs of a move towards the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI just moved below the 50 level, which is a negative sign for buyers.

Major Support Level – $620

Major Resistance Level – $680

 

Charts from Bitstamp; hosted by Trading View

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