Bitcoin Price Weekly Analysis: BTC/USD Remains In Downtrend Below $4,500

Key Factors

  • Bitcoin worth recovered just lately and traded above the $Four,000 and $Four,200 ranges in opposition to the US Greenback.
  • There’s a key bearish pattern line shaped with resistance at $Four,320 on the Four-hours chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is prone to wrestle to interrupt the $Four,320, $Four,400, $Four,500 and $Four,590 resistance ranges.

Bitcoin worth is slowly recovering above $Four,000 in opposition to the US Greenback. Nevertheless, BTC/USD stays in a downtrend so long as it’s under the $Four,500 resistance.

Bitcoin Price Evaluation

This previous week, there was an honest restoration from the $three,500 assist space in bitcoin worth in opposition to the US Greenback. The BTC/USD pair traded greater and broke the $three,750 and $Four,000 resistance ranges. The upside transfer was constructive above the $Four,000 and $Four,200 ranges. There was even an in depth under the 23.6% Fib retracement stage of the final slide from the $5,697 excessive to $three,483 low. Nevertheless, the worth struggled to clear the $Four,400-Four,500 resistance zone.

Furthermore, there’s a key bearish pattern line shaped with resistance at $Four,320 on the Four-hours chart of the BTC/USD pair. The pair is presently consolidating under the pattern line and $Four,400. The value should break the $Four,400 resistance and the 100 easy shifting common (Four-hours) for extra features. The following main hurdle is close to $Four,500 and $Four,590. The $Four,590 stage coincides with the 50% Fib retracement stage of the final slide from the $5,697 excessive to $three,483 low. Due to this fact, a break above the $Four,400, $Four,500 and $Four,590 resistance ranges received’t be straightforward within the close to time period.

Trying on the chart, BTC worth clearly stays in a downtrend so long as it’s under $Four,500 and the 100 SMA. On the draw back, an preliminary assist is at $Four,000, under which the worth might slide in the direction of $three,600 or $three,500.

Trying on the technical indicators:

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

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

Main Help Degree – $three,600

Main Resistance Degree – $Four,500

About Tom Greenly

Check Also

Hoppa, Bitcoin weer boven de $10.000! – Bitcoin Magazine NL

Bitcoin Magazine NL geeft ook graag aandacht aan Nederlandse vloggers die op een leuke en …

ZCash Will be Forked Into YCash Today

Because the Summer time vans alongside relatively properly, it appears one other cryptocurrency laborious fork …