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