Bitcoin Price Weekly Analysis – BTC/USD Correction Underway

Key Points

  • Bitcoin price after a nasty upside ride above the $17,000 level found sellers against the US Dollar.
  • There is a key bullish trend line forming with support at $13,000 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is currently correcting lower and it might extend decline towards the $12,000 level in the near term.

Bitcoin price surged above $17,000 against the US Dollar. BTC/USD is currently under a correction mode and it might test the $12,000 level.

Bitcoin Price Supports

It was a super bullish week for bitcoin price as it moved surged above the $15,000 level against the US Dollar. The upside move was such that the price moved above the $17,000 level and formed a high at $17,095. Later, the price faced a strong resistance and started a downside correction from $17,000. It has moved below the 38.2% Fib retracement level of the last wave from the $8968 low to $17,095 high.

At the moment, the price is testing a major support at $13,000. There is a key bullish trend line forming with support at $13,000 on the 4-hours chart of BTC/USD. The trend line support is around the 50% Fib retracement level of the last wave from the $8968 low to $17,095 high. There are chances of more losses in the near term below $13,000. Once there is a break below the trend line support, there can be an extension towards $12,000. The mentioned level is around the 61.8% Fib retracement level of the last wave from the $8968 low to $17,095 high.

Bitcoin Price Weekly Analysis BTC USD

The overall trend is positive above the $12,000 level. Once the current correction is over, the price will most likely resume its uptrend above $15,000.

Looking at the technical indicators:              

4-hours MACD – The MACD is currently reducing its bullish slope.

4-hours RSI (Relative Strength Index) – The RSI is currently below the 50 level and is moving lower.

Major Support Level – $12,000

Major Resistance Level – $15,000

 

Charts courtesy – SimpleFX

 

The post Bitcoin Price Weekly Analysis – BTC/USD Correction Underway appeared first on NEWSBTC.

 

Source link

Posted in Digital Currencies and tagged , .