Bitcoin Price Weekly Analysis – BTC/USD Firm above $2000

By May 21, 2017Bitcoin Business
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Bitcoin Price Weekly Analysis BTC USD

Key Points

  • Bitcoin price soared higher and cleared a major hurdle at $2000 against the US Dollar, as mentioned in the last weekly analysis.
  • There are a few important bullish trend lines with support at $1980 and $1850 formed on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The price is likely to continue moving higher, and may soon break $2100 for further gains.

Bitcoin price rocketed above $2000 against the US Dollar, and now it looks like there can be continuous gains in BTC/USD towards $2100-2200.

Bitcoin Price Crucial Supports

In the last weekly analysis, I mentioned that Bitcoin price may soon head towards $2000 against the US Dollar. It did move higher, broke the $1900 resistance and even cleared $2000. A new all-time high was formed at $2072 recently, and the price looks set for more gains. The most important point is the fact that the price is well positioned above $2000.

The two bullish trend lines highlighted in the last weekly analysis are still active at $1850 and $1700. There is one more formed with support at $1980 on the 4-hours chart of BTC/USD. So, if the pair corrects lower, there are many supports waiting on the downside around $2000. Moreover, the 23.6% Fib retracement level of the last wave from the $1717 low to $2072 high is at $1988. So, we can witness a nice reaction around $2000 if the price dips from the current levels.

Bitcoin Price Weekly Analysis BTC USD

The overall trend is bullish with chances of a break above $2072 for a move above $2100. The price may even target $2150 and $2200 during the coming sessions. On the downside, we can keep an eye on $2000 and $1850 as crucial supports.

Looking at the technical indicators:

4-hours MACD – The MACD is currently super bullish, calling for more gains.

4-hours RSI (Relative Strength Index) – The RSI is heading higher in the overbought levels.

Major Support Level – $1980

Major Resistance Level – $2100

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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