Bitcoin Price Weekly Analysis – Can BTC/USD Break This?

Key Factors

  • Bitcoin value rose this previous week and moved above the $eight,000 degree in opposition to the US Greenback.
  • There’s a essential bearish pattern line forming with present resistance at $eight,200 on the Four-hours chart of the BTC/USD pair (information feed from SimpleFX).
  • The pair has to maneuver above the pattern line resistance and $eight,900 to realize additional upside momentum.

Bitcoin value recovered properly this previous week above $7,000 in opposition to the US Greenback. Nevertheless, BTC/USD is at the moment going through resistance and is correcting decrease in direction of $7,100.

Bitcoin Price Pattern and Resistance

There was a sluggish and regular upside transfer above $6,500 bitcoin value in opposition to the US Greenback. The value managed to maneuver above a few essential resistance ranges resembling $7,000 and $eight,000. Nevertheless, the upside transfer was protected by a significant resistance at $eight.900. BTC value failed to maneuver above the $eight,900 and $9,000 resistance ranges, and began a draw back transfer.

Extra importantly, there’s a essential bearish pattern line forming with present resistance at $eight,200 on the Four-hours chart of the BTC/USD pair. The pattern line resistance acted as a monster barrier close to $eight,900 and prevented additional positive factors. The pair is at the moment correcting decrease and it has moved beneath $eight,100. Furthermore, the worth declined beneath the 23.6% Fib retracement degree of the final wave from the $5,816 low to $eight,941 excessive. It looks like the worth could appropriate additional decrease in direction of the $7,400 degree.

Crucial assist is close to the 50% Fib retracement degree of the final wave from the $5,816 low to $eight,941 excessive. On the upside, the worth has to maneuver above the pattern line and resistance at $eight,200 to realize upside momentum. On the draw back helps are $7,400, $7,200 and $7,100.

Wanting on the technical indicators:              

Four-hours MACD – The MACD is at the moment decreasing its bullish slope.

Four-hours RSI (Relative Energy Index) – The RSI has simply moved beneath the 50 degree, which is a unfavourable signal.

Main Help Degree – $7,100

Main Resistance Degree – $eight,200

 

Charts courtesy – SimpleFX

About Tom Greenly

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