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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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Bitcoin Cryptocurrency Trading

Bitcoin Price Weekly Analysis – BTC vs. USD

Bitcoin Price Weekly Analysis

Bitcoin price stays well in the bullish quarter above $7000 towards the US dollar. BTC/USD would possibly break $7500 soon and could even test $8000.

Bitcoin Price Weekly Analysis

Key factors

• Bitcoin price is gaining tempo and will probably smash the $7500 resistance against US dollar.
• There is a significant bullish trend line forming with help at $7300 at the 4-hours chart of BTC/USD (information from SimpleFX).
• The pair is now nicely supported above the $7300 and $7000 aid level for higher gains.
Bitcoin price remains nicely within the bullish zone above $7000 towards US dollar. BTC/USD might damage $7500 quickly and could even take a look at $8000.

Bitcoin price stays purchase on Dips

There had been monster gains in Bitcoin fee because it moved above $6500 and $7000 in opposition to US dollar. The price attracted a variety of pace and investors succeeded in even breaking the $7200 barrier. A current high was formed close to $7477. Before $7477, there has been a swing high at $7438 for a downside correction. Dealers drive the rate backward in the direction of $7000, and a low was formed at $6945.

Later, the price recovered sharply and moved above $7200. There was even a near above the 76.four% Fib retracement level of the remaining drop from the $7438 high to $6945 low. It opened the doors for higher gains above $7438. It looks as if the price could soon smash $7500 and check the 1.236 Fib extension of the final drop from the $7438 excessive to $6945 low at $7555. Above the $7555 stage, the next target will be the 1.618 Fib extension of the ultimate drop from the $7438 high to $6945 low around $7700.

If consumers continue to be on top of the market, there’s even a risk of a test of $8000 within the coming days. At the disadvantage, there is a prime bullish fashion line forming with support at $7300 at the four hours chart of Bitcoin vs. USD, which is also a purchase region.

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