Bitcoin Price Weekly Analysis: BTC Signaling Bullish Continuation, $4K Incoming?

  • Bitcoin worth began a draw back correction after a pointy transfer in direction of $Three,750 in opposition to the US Greenback.
  • The value corrected decrease and examined the $Three,540-Three,530 assist space, the place consumers emerged.
  • Later, there was a break above a key bullish flag with resistance close to $Three,570 on the Four-hours chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is positioned properly in a constructive zone and it may proceed to maneuver larger in direction of $Three,650 and $Three,800.

Bitcoin worth is slowly gaining bullish momentum in opposition to the US Greenback. BTC/USD stays in a good uptrend, with excessive probabilities of a bull run in direction of the $Four,000 resistance within the close to time period.

Bitcoin Price Evaluation

Not too long ago, bitcoin worth spiked sharply from the $Three,350 assist space in opposition to the US Greenback. The BTC/USD pair rallied and broke the $Three,500 and $Three,600 resistance ranges. There was additionally a break above $Three,700 degree and the 100 easy transferring common (Four-hours). Patrons pushed the worth in direction of the $Three,750 degree and a brand new month-to-month excessive was fashioned close to the $Three,745 degree. Lastly, the worth began a draw back correction and traded under the $Three,700 degree. There was even a break under the $Three,650 degree, however the worth remained nicely above the 100 easy transferring common (Four-hours).

Through the decline, the worth broke the 23.6% Fib retracement degree of the final wave from the $Three,343 low to $Three,744 excessive. The value traded under the $Three,600 degree, however consumers appeared close to the $Three,540-Three,530 assist space. Furthermore, the 50% Fib retracement degree of the final wave from the $Three,343 low to $Three,744 excessive additionally acted as a assist. A brand new assist base was fashioned close to $Three,340 earlier than the worth moved larger. Not too long ago, there was a break above a key bullish flag with resistance close to $Three,570 on the Four-hours chart of the BTC/USD pair. The pair is now positioned properly above the $Three,550 degree, with a bullish angle.

On the upside, an preliminary resistance is close to the $Three,600 degree, above which there are probabilities of extra beneficial properties. The principle resistance is close to the $Three,750 degree, adopted by $Three,800. If consumers stay in motion, the worth may even check the $Four,000 barrier.

Trying on the chart, BTC worth is displaying constructive indicators above the $Three,550 degree. Ought to bitcoin fail to achieve tempo above the $Three,600 degree, there could possibly be a bearish response. An preliminary assist is at $Three,540, under which the worth may check the $Three,500 assist space.

Technical indicators

Four hours MACD – The MACD for BTC/USD is slowly transferring within the bullish zone.

Four hours RSI (Relative Energy Index) – The RSI for BTC/USD is at the moment positioned above the 50 degree.

Main Assist Stage – $Three,540

Main Resistance Stage – $Three,600

About Tom Greenly

Check Also

Bitcoin Price Looks North As Trading Volumes Hit 9-Month Highs

View Bitcoin witnessed an inverse head-and-shoulders breakout on Monday and rose to $Four,00zero yesterday, confirming …

No Internet, No Problem: How to Send Bitcoin by Amateur Radio

In an age the place governments are set off completely satisfied at censoring or shutting …