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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Weekly Analysis – BTC/USD Sights More Upsides

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Price Weekly Analysis BTC USD

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price remains in a super bullish trend above $10,000 against the US Dollar.
  • There are two bullish trend lines forming with supports at $10,300 and $9200 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is currently trading in a range above the $10,500 level and is preparing for more gains.

Bitcoin price is very bullish above the $9500 level against the US Dollar. BTC/USD might soon break $11,200 for more gains in the near term.

Bitcoin Price Bullish Trend

It was an amazing week for bitcoin price as it moved above the $10,000 and $11,000 levels against the US Dollar. The upside move was very strong and the price traded as high as $11,386 before it faced sellers. The price corrected sharply lower, but downsides were limited by the $9000 level. There were strong bids near the mentioned level $9000, and the price recovered well.

It moved back above the $10,500 level and is currently trading around the $10,800 level. It seems like the price is consolidating and preparing for more gains above $11,000. Once there is a break above a bearish trend line at $11,200, there are chances of BTC moving past $11,400 in the near term. The next major target could be $12,000. On the downside, there are two bullish trend lines forming with supports at $10,300 and $9200 on the 4-hours chart of BTC/USD.

Bitcoin Price Weekly Analysis BTC USD

The second trend line is the most important above $9200 since it is near the 100 simple moving average (4-hours). As long as the price is above the $9000-10,000 levels, it remains in an uptrend. Upsides targets are $11,800 and $12,000 in the near term.

Looking at the technical indicators:              

4-hours MACD – The MACD is placed nicely in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level and is slowly moving higher.

Major Support Level – $9200

Major Resistance Level – $12000

 

Charts courtesy – SimpleFX

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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