Bitcoin Price, Buy, Faucet, Wallet, Tips and Tutorial

Bitcoin Price Weekly Analysis –BTC/USD Remains Under Pressure

Key Points

  • Bitcoin price moved lower this past week and remained under a lot of bearish pressure versus the US Dollar.
  • There was a crucial support trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which was broken during the downside move.
  • The price traded as low as $560 and it looks like the bulls may continue to struggle.

Bitcoin price weakened a lot during the past week against the USD. Going forward, it may continue to trade lower towards $550.

Bitcoin Price Resistance

Bitcoin price broke down this past week against the US Dollar, and posted losses. During the downside move, the BTC/USD pair broke a couple of important support levels including $575. Moreover, there was a crucial support trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. The BTC sellers managed to gain momentum and took the pair lower towards the $560 level.

The pair is currently attempting to correct higher. However, it is finding sellers near the broken trend line, which was a support earlier and now acting as a resistance. On the upside, the next hurdle is around the 23.6% Fib retracement level of the last drop from the $592 high to $561 low. The most important resistance is around the $572 level. It is a major pivot zone , and now coinciding with the 38.2% Fib retracement level of the last drop from the $592 high to $561 low.

Bitcoin Price Weekly Analysis

In my view, the BTC to USD may continue to range trade with a minor bearish bias. There is also a chance of BTC/USD testing the $550 level in the short term.

Looking at the technical indicators:

4-hours MACD – The MACD is strongly placed in the bearish zone, which is not good for buyers.

4-hours RSI (Relative Strength Index) – The RSI is around the oversold levels, which may ignite a minor correction.

Major Support Level – $560

Major Resistance Level – $572

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.

Leave a Reply

Menu Title