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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Weekly Analysis – BTC/USD Could Break $10,000

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Bitcoin

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Points

  • Bitcoin price remains in a decent uptrend with supports at $9,200 and $8,600 against the US Dollar.
  • There is a key bullish trend line in place with support at $9,150 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to move further higher and it could soon break the $10,000 hurdle in the near term.

Bitcoin price is moving nicely above the $8,600 support against the US Dollar. Going forward, BTC/USD is poised to extend gains above $10,000 and $10,500.

Bitcoin Price Trend

This past week, bitcoin price gained traction and traded towards the $9,800 level against the US Dollar. It traded as high as $9,742 before sellers appeared. Later, a downside correction was initiated and the price declined below the $9,500 and $9,200 support levels. The price even broke the 23.6% Fib retracement level of the last leg from the $7,786 low to $9,742 high. Finally, there was a spike below the $9,000 level before buyers reappeared.

BTC price tested the 61.8% Fib retracement level of the last leg from the $7,786 low to $9,742 high to complete a correction pattern. It started an upside move and moved back above $9,000. Buyers also succeeded in breaking a connecting bearish trend line with resistance at $9,200 on the 4-hours chart of the BTC/USD pair. It seems like the pair is back in an uptrend above $9,200, and it could accelerate gains towards $9,750. More importantly, the price may perhaps break the all-important $10,000 level to trade to a new monthly high.

Bitcoin Price Weekly Analysis BTC USD

Looking at the chart, there is a key bullish trend line in place with support at $9,150. Therefore, if the price corrects lower from the current levels, then $9,200, $9.150 and $9,000 levels are likely to prevent declines.

Looking at the technical indicators:              

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

4-hours RSI (Relative Strength Index) – The RSI is moving higher towards the 65 level.

Major Support Level – $9,150

Major Resistance Level – $9,750

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Comments 3

  1. Saifsahib Daifsahib says:
    7 years ago

    how to creat an acount in pakistan? I want to creat an acount for bit coin.plz guid me.

    Reply
    • Thunder God says:
      7 years ago

      Screw off. You’re going to be part of the reason why GPU prices are so high.

      Reply
    • Damian says:
      7 years ago

      Contact them todd.silvia@alphacapital.fm send him a email and he will contact you and will help you to creata a wallet for u and tu buy bitcoin

      Reply

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Comments 3

  1. Saifsahib Daifsahib says:
    7 years ago

    how to creat an acount in pakistan? I want to creat an acount for bit coin.plz guid me.

    Reply
    • Thunder God says:
      7 years ago

      Screw off. You’re going to be part of the reason why GPU prices are so high.

      Reply
    • Damian says:
      7 years ago

      Contact them todd.silvia@alphacapital.fm send him a email and he will contact you and will help you to creata a wallet for u and tu buy bitcoin

      Reply

Leave a Reply Cancel reply

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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