Bitcoin Price Analysis: Weekly Prediction of BTC/USD
- BTC/USD pair has got a major support level at US$3,500. The Bitcoin price against the US Dollar recovered and went above the resistance levels at US$3,550 and US$3,600. In fact, the upward price movement went on to break above the pivot level at US$3,620.
- Bitcoin price analysis shows that the BTC price went above the 50% retracement level of the last downward price movement from a high at US$3,725 to a low at US$3,443. However, the upward price movement is restricted by the resistance level at US$3,650. It was also unsuccessful in moving over the 100 SMA in the 4-hours chart. The BTC/USD pair settled below the US$3,600-level.
- At press time, the price was trading at US$3,551.8, which is well below the US$3,600 level as well as the 100 Simple Moving Average in the 4-hours chart.
- The BTC price moved as high as US$3,673 and then came down to a level below the level of US$3,575. That’s when it tested the 61.8% Fibonacci retracement level of the last price movement from the low at US$3,443 to high at US$3,673.
- In the 4-hour chart of BTC-USD pair, a major ascending channel has formed with resistance at US$3,650 level.
BTC/USD’s 4-hours MACD is lying in the bearish zone and is mostly flat. The RSI is lying below the 50-level. The major resistance and support levels are at US$3,650 and US$3,500. If there is a downward break below US$3,500, the crucial US$3,480 level may be tested. If this level is breached below then a near term bearish trend may be seen up to the US$3,200 level.
Currently, Bitcoin price is struggling to successfully remain above the US$3,600 and US$3,650 resistance levels. If it moves above US$3,650, the price will most definitely move towards the US$4,000 level in the short term.
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