Bitcoin Price Weekly Analysis: BTC/USD Turned Short-term Bullish

Key Factors

  • Bitcoin worth traded greater and cleared the $6,580-6,600 resistance zone towards the US Greenback.
  • There’s a key bullish development line in place with assist at $6,550 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair is at the moment correcting decrease, however it might discover assist close to the $6,600 and $6,550 ranges.

Bitcoin worth climbed above the important thing $6,600 resistance towards the US Greenback. BTC/USD must clear the $6,850 stage to realize upside momentum within the close to time period.

Bitcoin Price Evaluation

This previous week, bitcoin worth began a good upward transfer from the $6,110 assist space towards the US Greenback. The BTC/USD pair traded greater and broke the $6,380 and $6,500 resistances. The most effective factor was an in depth above the $6,600 resistance and the 100 easy shifting common (Four-hours). The value traded above the $6,700 stage and examined the subsequent resistance zone close to $6,850 (the earlier assist).

It traded as excessive as $6,831 and is at the moment correcting decrease. At current, the 23.6% Fib retracement stage of the final wave from the $6,111 low to $6,831 excessive is appearing as a assist. If the worth continues to appropriate decrease, the earlier resistance at $6,600 could maintain losses. There may be additionally a key bullish development line in place with assist at $6,550 on the Four-hours chart of the BTC/USD pair. Under the development line, the 50% Fib retracement stage of the final wave from the $6,111 low to $6,831 excessive is at $6,460. Subsequently, if the worth corrects decrease, it might discover helps close to $6,600, $6,550 and $6,450.

Wanting on the chart, BTC worth is going through a whole lot of hurdles close to the $6,850 stage. Above this, consumers have to surpass the $7,000 stage to maneuver right into a medium time period bullish zone. The ultimate goal could possibly be $7,350 if consumers overcome $7,000.

Wanting on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is barely positioned within the bearish zone.

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

Main Help Stage – $6,550

Main Resistance Stage – $6,850

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