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Bitcoin Price Weekly Analysis – BTC/USD Gaining Momentum

  • April 9, 2017

Key Points

  • Bitcoin price after a couple of downside swings started recovering and moved above $1160 against the US Dollar.
  • There are a few bullish trend lines formed with support at $1160 and $1140 on the 4-hours chart (data feed from SimpleFX) of BTC/USD.
  • The price is currently struggling to break the $1200 resistance and consolidating.

Bitcoin price looks like started an upside move above $1120 against the US Dollar found, and BTC/USD now looks poised for further upsides in the near term.

Bitcoin Price Support

There is an increase in buying interest for the BTC, as it price broke a couple of hurdles like $1100 and $1120 against the US Dollar. The price gained momentum and managed to trade towards $1200. It is a positive sign, and shows that the price has established a good bias above the $1120 support area. The recent high was $1204 from where the price started a minor dip.

There are many support levels on the downside started $1170. There are a few bullish trend lines formed with support at $1160 and $1140 on the 4-hours chart BTC/USD. These trend lines may act as a strong support if the price dips from the $1200 swing high. We can keep a close eye on the $1160 and $1140 support levels to enter a short-term buy trade. Furthermore, the 23.6% Fib retracement level of the last wave from the $890 low to $104 high is also aligned on the downside.

Bitcoin Price Weekly Analysis BTC/USD

So, the most important immediate support can be near $1130. As long as the price is above the mentioned level, there can be an attempt to settle above $1200. Above $1200, the next hurdle is around $1228.

Looking at the technical indicators:

4-hours MACD – The MACD is now established in the bullish slope.

4-hours RSI (Relative Strength Index) – The RSI is currently trading near the 70 level, and showing positive signs.

Major Support Level – $1130

Major Resistance Level – $1200

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.