Bitcoin Price Weekly Analysis: BTC Primed To Test $5,000

Key Points

Bitcoin price gained pace recently and broke the $3,580 and $3,780 resists against the U s dollars. There is a major symmetrical triangle forming with opposition at $4,080 on the 4-hours show of the BTC/ USD pair( data feed from Kraken ). The pair is likely to break the $4,080 and $4,150 fighting ranks to mobilize towards $4,500 or $5,000.

Bitcoin price is placed in an uptrend above $3,580 against the U s dollars. BTC/ USD is likely to extend the current optimistic tide towards $4,500 or $5,000.

Bitcoin Price Analysis

This past week, bitcoin cost started a solid upward move above the $3,200 resist against the US Dollar. The BTC/ USD pair tided above the $3,580 and $3,780 fight stages. There was even a close above the $3,780 hindrance and the 100 simple-minded moving norm( 4-hours ). An intermediate high-pitched was constituted near $4,175 and recently the price redressed lower. It broke the $3,900 elevation, but the $3,780 stage played as a solid support.

The price started a fresh upside and has broken the $3,900 resistance. It even broke the 50% Fib retracement position of the most recent wane from the $4,175 high to $3,778 low-spirited. More importantly, there is a major symmetrical triangle forming with resist at $4,080 on the 4-hours plot of the BTC/ USD pair. The triangle seems to be a optimistic continue decoration towards the $4,175 and $4,300 heights. A successful disintegrate above the $4,100 and $4,150 heights is needed for further amplifications. Formerly there is a smash above $4,175, the cost could rally towards $4,500 or $5,000.

Bitcoin Price Analysis BTC Chart

Looking at the chart, BTC price remains well supported on troughs near the $3,900 and $3,780 positions. As long as there is no close above the $3,580 centre, the premium is likely to surge towards $4,200, $4,500 or even $5,000.

Looking at the technological indicators ūüėõ TAGEND

4-hours MACD- The MACD for BTC/ USD is about to move into the buoyant zone.

4-hours RSI( Relative Strength Index)- The RSI is well above the 60 level.

Major Support Level- $3,780

Major Resistance Level- $4,175

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