Bitcoin Price Weekly Analysis – BTC/USD Eyes New High

Key Points

  • Bitcoin price is in super bullish trend and it recently traded above $7950 against the US Dollar.
  • There is a connecting resistance trend line forming with current barrier near $8050 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is now well supported above the $7500 level and eyes a new high above $8000.

Bitcoin price is gaining pace above $7500 against the US Dollar. BTC/USD might soon break $8000 for more gains above $8050.

Bitcoin Price Uptrend

There was a sharp bounce in bitcoin price from the $5800-6000 swing area against the US Dollar. The price moved above the $7000 and $7500 resistance levels. The upside move was strong and the price even traded close to the $8000 level. A new all-time high was formed at $7998 from where the price started a correction. It moved below the 50% Fib retracement level of the last wave from the $7105 low to $7998 high.

However, the downside move was supported by the $7500 level. Moreover, the 61.8% Fib retracement level of the last wave from the $7105 low to $7998 high also acted as a support. The price is now moving back higher and eyes a test of the $8000 level. On the upside, there is a connecting resistance trend line forming with current barrier near $8050 on the 4-hours chart of BTC/USD. The pair might test this trend line again and form a new all-time high above $8000 in the near term.

Bitcoin Price Weekly Analysis BTC USD

On the downside, the price is well above the $7500 support and the 100 simple moving average (H4). There is also a bullish trend line with support at $7650 on the same chart. Therefore, buying dips in the short term remains a good deal above $7500.

Looking at the technical indicators:              

4-hours MACD – The MACD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level.

Major Support Level – $7500

Major Resistance Level – $8000

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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Source: Newsbtc

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