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Bitcoin Price Weekly Analysis, Could Surpass $8000

Bitcoin Price Weekly Analysis, Could Surpass $8000 19-11-2017

Key Technical Details

  • Bitcoin price is now in trading in a bullish zone, and it recently crossed over 7950 US Dollar.
  • There’s also a resistance forming near the 8050 USD mark on the 4-hours chart Bitcoin and US Dollar pair.
  • The BTC and USD pair is currently well supported at 7500 dollars and could very well reach a new high over 8000 USD.

The Bitcoin price is steadily gaining over 7500 USD, and the BTC/USD pair might soon surpass the 8000 mark.

Bitcoin Price Analysis

The Bitcoin price bounced from the $5800-6000 range, and it moved over $7000 and $7500 resistance. The upside movement was strong and even surged to $8000 levels, creating a new all-time high of $7998 after the correction at $6000. The Fib retracement level is below 50 percent from the previous wave and thus reached to a new 7998 high.

On the other hand, the downward move had a decent support at the $7500 levels. In addition to that, the 61.8 percent Fib retracement level from the previous $7105 low to $7998 high also provided the necessary support.

Bitcoin Price Weekly Analysis 19-11-2017

The bitcoin price is currently moving up again and could be tested at $8000 level. As per the 4-hours trading chart, there’s a resistance trend line-forming with a barrier about $8050. The BTC/USD pair may test this trend line again and may reach a new all-time high above 8000 USD shortly.

There’s also a clear bullish uptrend with a decent support of $7650 on the 4-hours Bitcoin/ US Dollar chart. With this, buying dips at short-term around $7500 could be profitable.

BTC/USD technical indicators:

  1. 4-hours Moving Average – The MACD is gaining momentum in the bullish zone.
  2. 4-hours Relative Strength – The RSI is currently well above the 50 level.
  3. Major Support Level is $7500
  4. Major Resistance Level is $8000
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