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Bitcoin Price Weekly Analysis – Can BTC/USD Break This?


Bitcoin price is recovering above $3500 against the US Dollar. However, the BTC/USD pair is now facing a major hurdle near $3850 for further gains.

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Key Points

  • Bitcoin price has started a recovery from the $2965 low against the US Dollar and already moved above $3500.
  • There is a monster bearish trend line with resistance near $3850 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair has to break the 43850-4000 resistance to gain momentum in the near term.

Bitcoin price is recovering above $3500 against the US Dollar. However, the BTC/USD pair is now facing a major hurdle near $3850 for further gains.

Bitcoin Price Resistance

This past week, Bitcoin price managed to recover above the $4000 level once against the US Dollar. The price traded as high as $4106 where it faced sellers and declined once again. The pair traded below the 38.2% Fib retracement level of the last wave from the $2965 low to $4106 high. However, the downside move found support near $3500 and the price is now back moving north.

It was a perfect test of the 50% Fib retracement level of the last wave from the $2965 low to $4106 high. Buyers are now facing a crucial test near $3800-3850. There is a monster bearish trend line with resistance near $3850 on the 4-hours chart of BTC/USD. The trend line resistance is also near the 100 simple moving average (H4) at $3900. Therefore, a break and close of the $3850-3900 resistance won’t be easy. We can already see the price is losing momentum below $3850.

If the price fails to move above the $3850 level, there can be another downside wave. On the downside, a few key supports are $3600 and $3500. Below $3500, the price could even retest the $3200 level in the near term. On the upside, a close above $4000 would be a great bullish sign.

Looking at the technical indicators:

4-hours MACD – The MACD is still in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently around the 50 level.

Major Support Level – $3500

Major Resistance Level – $4000

 

Charts courtesy – SimpleFX

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