Bitcoin Price Weekly Analysis – BTC/USD Sights More Upsides

Key Points

  • Bitcoin price remains in a super bullish trend above $10,000 against the US Dollar.
  • There are two bullish trend lines forming with supports at $10,300 and $9200 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is currently trading in a range above the $10,500 level and is preparing for more gains.

Bitcoin price is very bullish above the $9500 level against the US Dollar. BTC/USD might soon break $11,200 for more gains in the near term.

Bitcoin Price Bullish Trend

It was an amazing week for bitcoin price as it moved above the $10,000 and $11,000 levels against the US Dollar. The upside move was very strong and the price traded as high as $11,386 before it faced sellers. The price corrected sharply lower, but downsides were limited by the $9000 level. There were strong bids near the mentioned level $9000, and the price recovered well.

It moved back above the $10,500 level and is currently trading around the $10,800 level. It seems like the price is consolidating and preparing for more gains above $11,000. Once there is a break above a bearish trend line at $11,200, there are chances of BTC moving past $11,400 in the near term. The next major target could be $12,000. On the downside, there are two bullish trend lines forming with supports at $10,300 and $9200 on the 4-hours chart of BTC/USD.

Bitcoin Price Weekly Analysis BTC USD

The second trend line is the most important above $9200 since it is near the 100 simple moving average (4-hours). As long as the price is above the $9000-10,000 levels, it remains in an uptrend. Upsides targets are $11,800 and $12,000 in the near term.

Looking at the technical indicators:              

4-hours MACD – The MACD is placed nicely in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level and is slowly moving higher.

Major Support Level – $9200

Major Resistance Level – $12000

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.