Bitcoin cost declined recently towards the $3,560 approval sphere against the US Dollar. There is a key buoyant trend line modelled with foundation $3,680 on the 4-hours planned of the BTC/ USD pair( data feed from Kraken ). The pair is currently bracing a crucial aid and it could bounce back above $3,800 and $3,900.
Bitcoin price is nursing the key uptrend reinforce near $3,600 against the U s dollars. BTC/ USD is likely to resume its upward move above $4,000 in the near term.
Bitcoin Price Analysis
This past week, bitcoin toll started a major downside move from the $4,235 degree against the US Dollar. The BTC/ USD duo sold below the $4,000 and $3,800 foundation stages. However, the toll witnessed reinforcement near the $3,550 level and later started an uphill move. More importantly, the rate abode above the $3,500 pivot level and the 100 simple-minded moving norm( 4-hours ).
The price rushed above $3,800 and the 50% Fib retracement grade of the most recent slump from the $4,235 high to $3,563 low-grade. Nonetheless, the premium failed to clear the $3,980 and $4,000 fighting locality. Besides, the 61.8% Fib retracement rank of the most recent lessen from the $4,235 high to $3,563 low-toned also behaved as a resist. There was yet another downside move, but the $3,675 level acted as a supporting. Ultimately, there is a key buoyant trend line modelled with reinforce $3,680 on the 4-hours plot of the BTC/ USD duo. If there is a separate below the trend line, the premium worsen towards $3,550 or $3,500.
Looking at the chart, BTC price seems to trading above important supporter status near $3,600. On the upside, customers need to clear the $3,900 and $4,000 opposition positions for more additions. The next major fight is near the $4,080 and $4,200 levels.
Looking at the technical indications 😛 TAGEND
4-hours MACD- The MACD for BTC/ USD is likely to move back into the bearish zone.
4-hours RSI( Relative Strength Index)- The RSI is currently below the 50 level.
Major Support Level- $3,550
Major Resistance Level- $4,000
The post Bitcoin Price Weekly Analysis: BTC Holding Key Uptrend Support showed first on NewsBTC.