Bitcoin Price Weekly Analysis: BTC/USD’s Next Target $8,500

Key Factors

  • Bitcoin worth gained momentum and settled above $7,200 towards the US Greenback.
  • There’s a main bullish development line forming with assist at $7,000 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair is more likely to make the following transfer both above $7,600 or under $7,240 within the close to time period.

Bitcoin worth is positioned properly in an uptrend above $7,000 towards the US Greenback. BTC/USD is eyeing the following break both above $7,600 or under $7,240.

Bitcoin Price Vary Sample

This previous week, there was a serious upside transfer above the $6,800 resistance in bitcoin worth towards the US Greenback. The BTC/USD pair jumped above the $7,000 and $7,200 resistance ranges to achieve traction. It even spiked above the $7,500 resistance and traded as excessive as $7,672. Later, the worth began buying and selling in a spread under the $7,650 resistance space and is at present getting ready for the following transfer.

The worth lately examined the 23.6% Fib retracement degree of the final wave from the $6,079 low to $7,672 excessive. Nevertheless, declines had been restricted and the worth remained nicely supported above the $7,250 degree. It looks like there’s a key vary forming with resistance close to $7,600 and assist at $7,240. Ought to there be a break under the $7,240 assist, the worth may decline in direction of the following assist at $7,000. Furthermore, there’s a main bullish development line forming with assist at $7,000 on the Four-hours chart of the BTC/USD pair. Across the development line, the 50% Fib retracement degree of the final wave from the $6,079 low to $7,672 excessive can also be a powerful assist.

Trying on the chart, the worth is more than likely to interrupt the $7,600 resistance for extra good points in direction of $eight,000 and $eight,500. Within the second case, dips stay nicely supported close to the $7,240 and $7,000 ranges.

Trying on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is lowering its bearish slope with bullish indicators.

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

Main Assist Degree – $7,000

Main Resistance Degree – $7,600

About Tom Greenly

Check Also

Bitcoin Exchanges Shutdown in India Due to Regulations, Pivot to ATMs

To enhance crypto-to-fiat liquidity in India amidst an ongoing banking ban, Indian exchanges are discovering strategies that …

Korean Government Expected to Announce ICO Stance in November, Official Says

Regulation The South Korean authorities is anticipated to announce its place on preliminary coin choices …