Bitcoin Price Weekly Analysis: Can BTC/USD Break Higher?

Key Factors

  • Bitcoin worth is positioned properly above the $7,200 degree with constructive indicators towards the US Greenback.
  • There’s a key bearish development line in place with resistance at $7,750 on the Four-hours chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair should speed up beneficial properties above the $7,750 and $7,800 limitations for extra upsides within the close to time period.

Bitcoin worth is transferring in a bullish zone above $7,200 towards the US Greenback. BTC/USD could maybe clear the $7,800 resistance to leap above $eight,000 within the close to time period.

Bitcoin Price Resistance

This previous week, bitcoin worth largely traded in a variety above the $7,000 deal with towards the US Greenback. The perfect half was the truth that the worth stayed above the $7,200 and $7,400 assist ranges. There was additionally a break and shut above the 23.6% Fib retracement degree of the final drop from the $eight,613 excessive to $7,zero50 swing low. There are constructive indicators, however there’s a essential barrier across the $7,800 degree.

Nevertheless, the upside transfer is capped by the $7,780 and $7,800 ranges. Extra importantly, there’s a key bearish development line in place with resistance at $7,750 on the Four-hours chart of the BTC/USD pair. The 50% Fib retracement degree of the final drop from the $eight,613 excessive to $7,zero50 swing low can be across the development line. Due to this fact, there’s a main hurdle forming for patrons simply round $7,800. A break and shut above $7,800 could maybe clear the trail for a push above the $eight,000 degree.

Trying on the chart, the worth is usually buying and selling in a variety with a bearish angle under $7,500. If sellers achieve management and push the worth under $7,200, there may very well be a bearish response within the quick time period.

Trying on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is usually flat within the bullish zone.

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

Main Help Stage – $7,200

Main Resistance Stage – $7,800

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