Bitcoin Price Weekly Analysis: BTC/USD Poised To Test $7,000

Key Points

  • Bitcoin price gained traction recently and moved above the $6,550 resistance against the US Dollar.
  • There is a crucial bullish trend line in place with support at $6,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair might dip a few points, but it remains supported above the $6,650 and $6,550 levels.

Bitcoin price is positioned nicely in a bullish zone above $6,550 against the US Dollar. BTC/USD is likely to trade towards the $6,900 and $7,000 levels in the near term.

Bitcoin Price Trend

This past week, there was a solid support formed near the $6,220 level in bitcoin price against the US Dollar. The BTC/USD pair started an upside move and traded above the $6,420 and $6,550 resistance levels. There was also a close above the $6,550 level and the 100 simple moving average (4-hours). The price climbed above the $6,650 level and is currently trading in a bullish zone.

It traded close to the $6,800 level and was seen struggling near the $6,780-6,800 zone. Should there be a break and close above $6,800, the price is likely to accelerate towards the $6,900 and $7,000 levels in the near term. Above $7,000, the price could even test the $7,200 level. On the downside, an initial support is near the 23.6% Fib retracement level of the last wave from the $6,229 low to $6,789 high. Moreover, there is a crucial bullish trend line in place with support at $6,650 on the 4-hours chart of the BTC/USD pair. Therefore, it seems like there is a decent support` formed near $6,650.

Looking at the chart, BTC price is positioned nicely in a bullish zone above the $6,550 support. As long as there is no close below $6,550 and $6,500, the price might continue to climb higher.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slightly placed in the bullish zone.

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

Major Support Level – $6,550

Major Resistance Level – $6,800

Author: Aayush Jindal

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