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Breaking News: Bitcoin Price Breaks $72,000 After US-Iran Ceasefire — What Comes Next?
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Breaking News: Bitcoin Price Breaks $72,000 After US-Iran Ceasefire — What Comes Next?

Bitcoin Price Weekly Analysis – BTC/USD Short-term Bullish?

Aayush Jindal
Aayush Jindal
Last Updated: October 7, 2020 11:31 am
2 mins read
Bitcoin Price Weekly Analysis

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price started traded positively against the US Dollar, and remained above a major support area of $405-08.
  • There are a couple of bullish trend lines formed on the 4-hours chart of BTC/USD (data feed from Bitstamp), which may continue to act as a buy zone.
  • Buying dips may be considered, but with a tight stop as any major gains are highly unlikely.

Bitcoin price may be short-term bullish against the USD. Let’s have a look at the charts and try to find out how BTC/USD can be traded moving ahead.

Bitcoin Price- Trend Lines Support

Bitcoin price continuously found bids near the $405-07 support area against the US Dollar and finally managed to trade higher. BTC traded positively against the USD and even closed above the 100 simple moving average on the 4-hours chart (data feed from Bitstamp). BTC/USD may continue to trade higher, as the bulls managed to push the price above the 50% Fib retracement level of the last drop from the $428 high to $407 low.

There are currently a couple of bullish trend lines formed on the 4-hours chart (data feed from Bitstamp), which may play a major role for Bitcoin price in the short term. As long as the price is above the trend line support, there are chances of more upsides.

Bitcoin Price Weekly Analysis

One may even consider buying, but with caution. The stop can be placed below the first trend line support and if you are looking to hold it for some time, then stop could be below the second trend line support. On the upside, a test of $428 is possible, followed by $430.

Looking at the technical indicators:

4-hours MACD – The MACD is in the bullish zone, which is a positive sign for the bulls.

4-hours RSI (Relative Strength Index) – The RSI is also above the 50 level, pointing towards more gains.

Major Support Level – $415

Major Resistance Level – $425

 

Charts from Bitstamp; hosted by Trading View

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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.

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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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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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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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