Bitcoin Price Weekly Analysis: BTC/USD Testing Crucial Resistance

Key Factors

  • Bitcoin value stayed above the $Eight,000 assist stage and recovered towards the US Greenback.
  • There’s a monster bearish development line forming with resistance at $Eight,300 on the Four-hours chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair has to maneuver above the development line and settle above $Eight,300-Eight,400 for extra features within the close to time period.

Bitcoin value is at the moment testing a serious resistance close to $Eight,400 towards the US Greenback. BTC/USD might speed up increased as soon as there’s a correct shut above $Eight,400.

Bitcoin Price Upside Barrier

This previous week, there have been additional downsides from properly above $Eight,500 in bitcoin value towards the US Greenback. The value moved down and broke the $Eight,200 assist stage. There was even a spike beneath the $Eight,000 pivot stage earlier than a low was shaped at $7,940. Later, the value began an upside correction and succeeded in shifting above the $Eight,000 pivot stage.

There was additionally break above the 23.6% Fib retracement stage of the final drop from the $Eight,884 excessive to $7,940 low. Nevertheless, there’s a essential barrier on the upside close to $Eight,300-Eight,400, which is stopping additional features. Extra importantly, there’s a monster bearish development line forming with resistance at $Eight,300 on the Four-hours chart of the BTC/USD pair. Moreover, the 50% Fib retracement stage of the final drop from the $Eight,884 excessive to $7,940 low can also be near the $Eight,400 stage. Due to this fact, a break and shut above the $Eight,400 resistance is required for extra features in BTC. The subsequent resistance above $Eight,400 sits close to the $Eight,800 pivot stage.

Wanting on the chart, the value appears to be approaching a key break above $Eight,400. If patrons fail to push the value above the talked about resistance, there might be a draw back response again in the direction of $Eight,000.

Wanting on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is at the moment steady within the bullish zone.

Four-hours RSI (Relative Energy Index) – The RSI is at the moment slightly below the 50 stage.

Main Help Degree – $Eight,000

Main Resistance Degree – $Eight,400

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