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

Key Points

  • Bitcoin price made a nice upside move above the $7,600 and $8,000 resistances against the US Dollar.
  • There is a crucial bullish trend line in place with support at $7,950 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is placed nicely in a bullish trend above the $8,000 and $7,700 support levels.

Bitcoin price completed a correction wave near $7,800 against the US Dollar. BTC/USD is resuming its upside move and it could break the $8,500 high to test $9,000.

Bitcoin Price Supports

This past week, there was a nice upside move as bitcoin price broke the $7,600 and $7,700 resistance levels against the US Dollar. The BTC/USD pair even broke the $8,000 resistance and traded as high as $8,500. Later, the price started a downside correction and moved below the $8,000 level. There was a break below the 23.6% Fib retracement level of the last leg from the $7,206 low to $8,500 high.

However, the decline was protected by the $7,800 support area. More importantly, a crucial bullish trend line with current support at $7,950 also provided support on the 4-hours chart of the BTC/USD pair. Finally, there was a rejection near the 50% Fib retracement level of the last leg from the $7,206 low to $8,500 high. As a result, the price bounced back and moved above the $8,000 resistance. Additionally, bitcoin buyers succeeded in clearing a bearish trend line with resistance at $8,150. These all are positive signs and indicates that the price is placed in a bullish trend above the $7,900 and $7,700 support levels.

Looking at the chart, the price may perhaps dip back towards the trend line and the $7,900 support. Later, it is likely to bounce back and break the $8,500 swing high. Above this, the next target for buyers could be near the $9,000 level.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is about to move back in the bullish zone.

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

Major Support Level – $7,900

Major Resistance Level – $8,500

Author: Aayush Jindal

Source link

Related posts

10 Thoughts to “Bitcoin Price Weekly Analysis: BTC/USD Could Test $9,000”

  1. 醫學美容-尊貴-清盈-cosmetic-wiki

    活肌魚子黑寶石療程 活肌魚子黑寶石療程

  2. Football Solutions Napoli happy after Cavani contract extension

    RIK SHARMA: Rewind a week-and-a-half and you arrive at the moment Barcelona’s season lurched off the rails and into the Mediterranean. Cesc Fabregas went off on the hour against Atletico Madrid, the travelling fans vociferously unhappy with his display. As Barcelona’s season sinks without a trace, lost and loathed Fabregas must get out as soon as possible… and could La Liga’s loss be the Premier League’s gain?

  3. futbol.run Spalvis rescues Lithuania after San Marino scare - News

    Femenia will be a free agent in the summer and has held talks over a three year deal and is close to an agreement. He formerly played for Barcelona’s B side and Real Madrid’s second string. Watford in talks to sign Alaves right-back Kiko Femenia with defender already having held discussions over three year contract

  4. digital transformation company in usa

    … [Trackback]

    […] Read More here to that Topic: tradingbtc.com/2018/07/29/bitcoin-price-weekly-analysis-btc-usd-could-test-9000/ […]

  5. สล็อตเว็บตรง

    … [Trackback]

    […] Read More on that Topic: tradingbtc.com/2018/07/29/bitcoin-price-weekly-analysis-btc-usd-could-test-9000/ […]

  6. sbo

    … [Trackback]

    […] Find More to that Topic: tradingbtc.com/2018/07/29/bitcoin-price-weekly-analysis-btc-usd-could-test-9000/ […]

  7. sbo

    … [Trackback]

    […] Read More Info here on that Topic: tradingbtc.com/2018/07/29/bitcoin-price-weekly-analysis-btc-usd-could-test-9000/ […]

  8. prevent screenshot

    … [Trackback]

    […] Find More on that Topic: tradingbtc.com/2018/07/29/bitcoin-price-weekly-analysis-btc-usd-could-test-9000/ […]

  9. 토토샤오미

    … [Trackback]

    […] Read More Info here on that Topic: tradingbtc.com/2018/07/29/bitcoin-price-weekly-analysis-btc-usd-could-test-9000/ […]

  10. visit the website

    … [Trackback]

    […] Find More Info here to that Topic: tradingbtc.com/2018/07/29/bitcoin-price-weekly-analysis-btc-usd-could-test-9000/ […]

Leave a Comment