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Home Technical analysis

Bitcoin Price Weekly Analysis – BTC/USD Sighting Gains?

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis, Bitcoin
Reading Time: 2min read
Bitcoin Price Weekly Analysis
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Key Points

  • Bitcoin price managed to stay above the $900 support against the US Dollar, which is a positive sign.
  • There is a major breakout pattern formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD with resistance near $930.
  • A break and close above the triangle resistance might open the doors for more gains towards $950.

Bitcoin price made a nice move versus the US dollar, and stayed above $900. More gains are possible in BTC/USD in the near term?

Bitcoin Price Breakout Approaching

There were no major swing moves in Bitcoin price this past week against the US Dollar, as after a dip towards $885, the price started recovering. There was an upside move, which pushed the price back above the $900 resistance. The price moved above the 23.6% Fib retracement level of the last decline from the $954 high to $885 low to start a recovery.

The best part was the close above the $900 resistance. The price also crawled above the $910 level. However, there is no major momentum, which could initiate a trending up-move. At the moment, the price is struggling near the 61.8% Fib retracement level of the last decline from the $954 high to $885 low. Moreover, there is a major breakout pattern formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. Its resistance is coinciding with the $928 resistance.

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Bitcoin Price Weekly Analysis

So, a break and close above the triangle resistance and the mentioned fib level could spark more gains towards $950. On the downside, the triangle support is at $910. Going forward, we would witness a break. The chances are of a move higher, but if the price fails to break $928-930, it might move down.

Looking at the technical indicators:

4-hours MACD – The MACD is in the bearish zone, but with no momentum.

4-hours RSI (Relative Strength Index) – The RSI is steady above the 50 level, which is a positive sign.

Major Support Level – $910

Major Resistance Level – $930

 

Charts courtesy – SimpleFX

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 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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