Home / Bitcoin Price Predictions / Bitcoin Price Weekly Analysis – BTC/USD To Recover above $15,000
Bitcoin Price Weekly Analysis – BTC/USD To Recover above $15,000

Bitcoin Price Weekly Analysis – BTC/USD To Recover above $15,000

Key Points

  • Bitcoin value traded lower this earlier week and examined the $12,600 help in the direction of the US Dollar.
  • There was a break above a big bearish improvement line with resistance at $13,800 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The value has to interrupt the $14,500 stage and the 100 simple shifting frequent to appreciate upside momentum.

Bitcoin value is safe above the $12,600 in the direction of the US Dollar. BTC/USD would possibly shortly obtain momentum above $14,500 to maneuver earlier $15,000 throughout the near time interval.

Bitcoin Price Upside Move

This earlier week was slightly bearish for bitcoin value as a result of it moved beneath the $14,000 stage in the direction of the US Dollar. The value traded lower and moved in route of the $12,200 stage. A low was original at $12,670 from the place the worth started an upside switch. It traded above the $13,000 stage and the 23.6% Fib retracement stage of the ultimate decline from the $17,112 extreme to $12,670 low.

During the upside, there was a break above a big bearish improvement line with resistance at $13,800 on the 4-hours chart of BTC/USD. The pair managed to maneuver above the $13,900 stage. However, the upside switch was protected by the $14,000 stage and the 100 simple shifting frequent. Moreover, the 38.2% Fib retracement stage of the ultimate decline from the $17,112 extreme to $12,670 low moreover acted as a resistance. It seems as if the worth has to maneuver above the $14,500 stage and the 100 SMA to appreciate upside momentum.

Once there is a break above the $14,500 stage, there are chances of it breaking the $15,000 stage throughout the near time interval. The common bias is safe above the $12,500 stage with an preliminary help on the draw again at $13,200.

Looking on the technical indicators:              

4-hours MACD – The MACD is displaying a few optimistic indicators of a improvement change.

4-hours RSI (Relative Strength Index) – The RSI is struggling to maneuver above the 50 stage.

Major Support Level – $12,500

Major Resistance Level – $14,500

 

Charts courtesy – SimpleFX

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