Bitcoin Price Weekly Analysis: BTC/USD Remains in Uptrend Above $6,400

Key Points

Bitcoin Closes on $11k as Two Technical Indicators Conflict
Tuesday August 20, 2019

Bitcoin has been in a steady uptrend since the weekend. The short term picture looks promising but a conflicting technical signal indicator on a longer term chart could spell the end of the upturn....

The post Bitcoin Closes on $11k as Two Technical Indicators Conflict appeared first on 12bitplay - Bitcoin Play.

Bitcoin price failed to break the $6,800 resistance recently and declined against the US Dollar.
There is a major bullish trend line in place with support at $6,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $6,400 and $6,380 support levels to remain in a positive zone.

Bitcoin Rises as Investors Anticipate Economic Stimulus
Monday August 19, 2019

Bitcoin was trading higher on Monday morning as investors digested the possibility of new economic stimulus announcements later this week. The benchmark cryptocurrency rose by more than 4.5 percent to $10,753.30 on San Francisco-based...

The post Bitcoin Rises as Investors Anticipate Economic Stimulus appeared first on 12bitplay - Bitcoin Play.

Bitcoin price is holding key supports against the US Dollar. BTC/USD could move higher once again as long as it is above the $6,400 support.
Bitcoin Price Analysis
This past week, bitcoin price made a nice upside move from the $6,300-6,310 zone against the US Dollar. The BTC/USD pair climbed higher and broke the $6,500 and $6,700 resistance levels. There was also a close above the $6,500 level and the 100 simple moving average (4-hours). However, the upside move was capped by the $8,000 resistance. The price declined and moved below the 50% Fib retracement level of the last wave from the $6,317 low to $6,800 high.
Later, buyers appeared near the $6,450 level and the 100 SMA. Moreover, there was no test of the 76.4% Fib retracement level of the last wave from the $6,317 low to $6,800 high. On the downside, there is a strong support formed near the $6,400 and $6,380 levels. There is also a major bullish trend line in place with support at $6,400 on the 4-hours chart of the BTC/USD pair. Therefore, if the price dips from the current levels, the $6,400 support could act as a strong buy zone.

Buyers Not Found: Bitcoin Price Back Below $10,000
Wednesday August 21, 2019

Following a strong rally back toward $11,000 that was stopped roughly $50 short, Bitcoin price has now broken back below $10,000 yet another time during the month of August. While Bitcoin price has been...

The post Buyers Not Found: Bitcoin Price Back Below $10,000 appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, BTC price is placed nicely above the trend line and the $6,400 support. On the upside, buyers need to push the price above the $6,680 and $6,800 resistance levels. The main resistance for a larger upward move is at $7,000.
Looking at the technical indicators:
4-hours MACD – The MACD for BTC/USD is slowly moving in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is just below the 50 level.
Major Support Level – $6,400
Major Resistance Level – $6,800
The post Bitcoin Price Weekly Analysis: BTC/USD Remains in Uptrend Above $6,400 appeared first on NewsBTC.

You may also like...