Bitcoin Price Weekly Analysis: BTC/USD Could Accelerate Gains

Key Points

  • Bitcoin price is trading with bullish moves above the $7,000 level against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $7,610 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now facing another important barrier near the $7,700 level and the 100 simple moving average (4-hours).

Bitcoin price is trading nicely above the $7,400 pivot against the US Dollar. BTC/USD could accelerate gains once it breaks the $7,700 and $8,000 barriers.

Bitcoin Price Decline

After a major decline, bitcoin price formed a Crypto Analysis.com/2018/06/01/bitcoin-price-watch-btc-usd-explode/” target=”_blank” rel=”noopener” data-wpel-link=”internal”>decent support above the $7,000 handle against the US Dollar. The price started an upside move and traded above the $7,200 and $7,400 resistance levels. There was also a break above the 23.6% Fib retracement level of the last decline from the $8,606 high to $7,057 low. Moreover, there was a close above $7,500 barrier, which is a positive sign.

During the upside, there was a break above a major bearish trend line with resistance at $7,610 on the 4-hours chart of the BTC/USD pair. The pair is now trading above the $7,550 pivot level and it looks set for more gains in the near term. On the upside, the $7,700 level and the 100 simple moving average (4-hours) is a key Crypto Analysis.com/2018/05/31/bitcoin-price-watch-btc-usd-primed-gains-2/” target=”_blank” rel=”noopener” data-wpel-link=”internal”>hurdle for buyers. Above $7,700, the 50% Fib retracement level of the last decline from the $8,606 high to $7,057 low is positioned at $7,830 to prevent gains.

Looking at the chart, the price has to break the $7,700 and $7,830 resistance levels to trade further higher. On the flip side, if there is a downside correction, the broken resistances at $7,500 and $7,400 are likely to act as supports.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently just around the 60 level.

Major Support Level – $7,400

Major Resistance Level – $7,830

The post Crypto Analysis.com/2018/06/03/bitcoin-price-weekly-analysis-btc-usd-accelerate-gains/” data-wpel-link=”internal”>Bitcoin Price Weekly Analysis: BTC/USD Could Accelerate Gains appeared first on Crypto Analysis.com/” data-wpel-link=”internal”>Crypto Analysis.

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