Weekly Forecast Of Bitcoin Prices (BTC): Indicators Offer Rally Of Up To $ 9000

by Coinworldstory
  • There was a strong consumer interest in bitcoins in the support area of ​​$ 6,800 against the US dollar.
  • The price started a new increase and overcame the resistance levels of 7000 and 7500 dollars.
  • There was a break above the main shrinking triangle with resistance around $ 7,300 on the 4-hour chart of the BTC / USD pair (data from Kraken).
  • The pair expects strong growth, and in the near future it can trade above $ 8500 and $ 8,800.

The price of Bitcoin rose by more than 10% after a strong downward correction against the US dollar. Currently, BTC is developing rapidly and may even test a resistance area of ​​$ 9,000.

Weekly Bitcoin Price Analysis (BTC)

Last week, the price of bitcoins rose significantly against resistance of $ 7,000 against the US dollar. A pair of BTC / USD has overcome many barriers of about $ 7,000, $ 7,200 and $ 7,800. The pair even rose above the level of 8,000 dollars and was trading to a new high of 219 near the level of 8,360 dollars. Later, there was a sharp downward correction, below support at $ 8,000, but the price remained well above the simple moving average of 100 (4 hours). He overcame the support area of ​​$ 7200 but found strong consumer interest around levels of 6.650 and 6800 dollars.

The swing minimum was formed at the level of $ 6,645, and the price recently recovered quite well. He rose sharply above the resistance levels of 7000 and 7200 dollars. In addition, there was a breakthrough above the Fibonacci correction level of 50% downward correction from a maximum of $ 8,362. To a minimum of $ 6,645. More importantly, there was a break above the main shrinking triangle with resistance around $ 7,300 on the 4-hour chart of the BTC / USD pair. Currently, the pair is trading above the resistance of $ 7,700. And the Fibonacci correction level is 61.8% downward correction from the maximum of $ 8,362. To a minimum of $ 6,645.

All these are positive signs, and it seems that the price may continue to rise above the $ 8,000 barrier. The next key resistance above $ 8,000 is near $ 8,350. If bulls pick up the pace above $ 8,362, they are likely to open the door to a sharp rise to resistance levels of $ 8,600 and $ 8,800.

Looking at the chart, the price of bitcoins recovered pleasantly after a strong decline to $ 6,650. Now it has grown by more than 10%, and it seems that it can continue to grow to $ 8,200 and $ 8,500. The main goal for the bulls in the upcoming Weekly  sessions could be $ 8,800 or even $ 9,000. The main support on the downside is about 7,500, 7,200 and 7,000 dollars.

Technical indicators

4 hours MACD – MACD for BTC / USD is gaining momentum in the bull zone.

4 hours RSI (relative strength index) – RSI for BTC / USD has returned above 50 and may continue to move to 70.

The main support level is $ 7200

The main resistance Weekly  level is $ 8,350

coinworldstory logo

Coinworldstory Provide Crypto Review Including – Blockchain , Bitcoin , DEFI All About NFT &, Gaming , Cloud Mining ,Exchange , ICO, Ai , Crypto News All In One Place 

Edtior's Picks

nexo 300x250

All Right Reserved. Designed and Developed by CWS TEAM 

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More