- 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
