Bitcoin Price Weekly Analysis: BTC/USD Could Break $7,000

Key Factors

  • Bitcoin value shaped a powerful assist base close to $6,450 and jumped increased in opposition to the US Greenback.
  • There’s a main ascending channel in place with assist at $6,600 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair stays supported and it’s prone to transfer additional increased above the $7,000 stage within the close to time period.

Bitcoin value is gaining momentum above $6,600 in opposition to the US Greenback. BTC/USD may speed up beneficial properties above $7,000 to focus on the $7,250 stage.

Bitcoin Price Development

This previous week, there was a draw back correction beneath the $6,700 assist in bitcoin value in opposition to the US Greenback. The BTC/USD pair traded beneath the $6,500 assist stage, however declines had been protected. The $6,400-6,450 assist zone acted as a assist and prevented declines. A assist base was shaped and the value jumped above the $6,600 and $6,700 resistance ranges. There was additionally a break above the 76.Four% Fib retracement stage of the final decline from the $6,795 excessive to $6,454 low.

It opened the doorways for extra beneficial properties and the value traded above the $6,800 resistance. Nevertheless, there was no check of the 1.236 Fib extension stage of the final decline from the $6,795 excessive to $6,454 low. Subsequently, there are excessive probabilities that the value might speed up beneficial properties above $6,800 within the close to time period. The subsequent resistance is at $6,875. Above this, the value might transfer above the $7,000 barrier to check the 1.618 Fib extension stage. Within the quick time period, there may very well be a draw back correction in the direction of the $6,700 assist. Extra importantly, there’s a main ascending channel in place with assist at $6,600 on the Four-hours chart of the BTC/USD pair.

Wanting on the chart, the value is positioned properly in an uptrend above $6,600. The subsequent targets might properly beneath $6,875, $7,000 and $7,250.

Wanting on the technical indicators:

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

Four-hours RSI (Relative Power Index) – The RSI is now positioned properly above the 60 stage.

Main Assist Degree – $6,600

Main Resistance Degree – $7,000

About Tom Greenly

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