Bitcoin Price Weekly Analysis: BTC/USD Could Test $9,000

Key Factors

  • Bitcoin worth made a pleasant upside transfer above the $7,600 and $eight,000 resistances towards the US Greenback.
  • There’s a essential bullish pattern line in place with assist at $7,950 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair is positioned properly in a bullish pattern above the $eight,000 and $7,700 assist ranges.

Bitcoin worth accomplished a correction wave close to $7,800 towards the US Greenback. BTC/USD is resuming its upside transfer and it may break the $eight,500 excessive to check $9,000.

Bitcoin Price Helps

This previous week, there was a pleasant upside transfer as bitcoin worth broke the $7,600 and $7,700 resistance ranges towards the US Greenback. The BTC/USD pair even broke the $eight,000 resistance and traded as excessive as $eight,500. Later, the value began a draw back correction and moved beneath the $eight,000 stage. There was a break beneath the 23.6% Fib retracement stage of the final leg from the $7,206 low to $eight,500 excessive.

Nonetheless, the decline was protected by the $7,800 assist space. Extra importantly, a vital bullish pattern line with present assist at $7,950 additionally offered assist on the Four-hours chart of the BTC/USD pair. Lastly, there was a rejection close to the 50% Fib retracement stage of the final leg from the $7,206 low to $eight,500 excessive. Consequently, the value bounced again and moved above the $eight,000 resistance. Moreover, bitcoin consumers succeeded in clearing a bearish pattern line with resistance at $eight,150. These all are constructive indicators and signifies that the value is positioned in a bullish pattern above the $7,900 and $7,700 assist ranges.

Trying on the chart, the value could maybe dip again in direction of the pattern line and the $7,900 assist. Later, it’s more likely to bounce again and break the $eight,500 swing excessive. Above this, the following goal for consumers could possibly be close to the $9,000 stage.

Trying on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is about to maneuver again within the bullish zone.

Four-hours RSI (Relative Power Index) – The RSI is presently above the 50 stage.

Main Help Stage – $7,900

Main Resistance Stage – $eight,500

About Tom Greenly

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