Bitcoin Price Weekly Analysis – Can BTC/USD Make It?

Key Points

  • Bitcoin price remained below a major resistance area of $800-05 against the US dollar and facing sellers.
  • There are a couple of bullish trend lines formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, acting as a support on the downside.
  • A break and close above the $805 level could trigger more gains in the near term.

Bitcoin price is currently facing a monster resistance at $800-05 against the US Dollar. Let’s see if the BTC/USD pair can break it or not.

Bitcoin Price Upside Hurdle

There were mostly ranging moves in Bitcoin price against the US Dollar during the past few days. The most interesting aspect was the fact that the BTC/USD pair time and again struggled to break a major hurdle at $800-05. There were many attempts to break the highlighted resistance area, but the BTC buyers failed to push the price above it.

However, it looks like they have not given up yet, as the price is still below it and making an attempt to break it. The last few candles suggest exhausting, pointing towards a minor dip in the near term. On the downside, there are a couple of bullish trend lines formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. These trend lines can be seen as a support area around $780 and then $770. If there is a downside move, one may consider buying near the highlighted trend line support.

Bitcoin Price Weekly Analysis

Moreover, the 38.2% fib retracement level of the last wave from the $768 low to $804 high is also around the trend line support to act as a barrier for sellers. Overall, there can be more attempts to beak the resistance, and at last there is a chance of a break higher.

Looking at the technical indicators:

4-hours MACD – The MACD is currently in the bullish zone with a positive tone.

4-hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level, which is a bullish sign.

Major Support Level – $780

Major Resistance Level – $800-05

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.