Bitcoin Price Weekly Analysis – Can BTC/USD Break $8,500?

Key Factors

  • Bitcoin worth surged larger this previous week and broke $7,500 resistance towards the US Greenback.
  • There was a break above a key bearish development line with resistance at $7,600 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair is presently buying and selling above $eight,000 and is dealing with a monster resistance close to the $eight,500 stage.

Bitcoin worth is buying and selling in a bullish zone above $7,500 towards the US Greenback. BTC/USD has to maneuver above $eight,500 to increase good points within the close to time period.

Bitcoin Price Development

This previous week, there was a pointy upside transfer in bitcoin worth from the $6,800 swing low towards the US Greenback. The worth surged larger and broke many resistances on the way in which up akin to $7,000 and $7,500. There was additionally a break above the 38.2% Fib retracement stage of the final decline from the $9,025 swing excessive to $6,450 swing low, which is a constructive signal.

Extra importantly, there was a break above a key bearish development line with resistance at $7,600 on the Four-hours chart of the BTC/USD pair. The pair is now buying and selling nicely above the $7,000 stage and the 100 easy shifting common (Four-hours). Moreover, the worth settled above the 61.eight% Fib retracement stage of the final decline from the $9,025 swing excessive to $6,450 swing low. Nonetheless, it’s dealing with a monster hurdle on the upside close to the $eight,500 stage. It acted as a help earlier and the acknowledged $eight,500 will almost certainly forestall upsides within the close to time period. If BTC patrons reach pushing the worth above the $eight,500 stage, there may very well be a check of the final swing excessive close to $9,025.

Wanting on the chart above, the pair is positioned properly above the $7,500 pivot stage. It might proceed to commerce larger if it succeeds in clearing the $eight,500 barrier. On the draw back, helps are seen close to $7,800, $7,600 and $7,500.

Wanting on the technical indicators:              

Four-hours MACD – The MACD for BTC/USD is positioned properly with constructive indicators.

Four-hours RSI (Relative Power Index) – The RSI is presently nicely above the 60 stage.

Main Assist Degree – $7,500

Main Resistance Degree – $eight,500

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