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Bitcoin Bitcoin Price Analysis Trading

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 Trading

Bitcoin Price Weekly Analysis – BTC and USD Pair

Bitcoin Price Weekly Analysis - BTC and USD Pair

The Bitcoin price struggled so much with the SegWit2X confusion and moved below 6500 USD.

The BTC and USD pair could continue to diminish, and it may also break at 6000 USD.

Technical Factors – BTC/USD Pair:

The Bitcoin price had struggled to move over 7770 USD and started a downward movement. With SegWit2X confusion, there has been a break in the bullish market with the support at 6780 USD. It is clear in the 4-hours trading chart of BTC with USD. The BTC/USD pair is currently well in the 6500 range and stays bearish.

Data feed and Chart from SimpleFX

It had been yet another bullish week – the bitcoin price had moved over the 7500 US Dollar level. Bitcoin was even able to jump over 7700 USD and was trading at a new all-time high of 7773 USD. After that because of the Hard Fork confusion, it failed to maintain the bullish trend and began to fall. It broke that the 23.6 percent Fib retracement level of the previous wave by the 5362 USD. The downward move was influential as the cost broke the 7000 level along with the simple moving average 100 – H4.

Bitcoin Price Weekly Analysis Bearish Trend

Bitcoin Weekly Price Analysis

The BTC sellers even broke a significant uptrend with a decent support at 6780 USD as per the 4-hours chart. Also, the BTC/USD pair is currently well under the 50 percent Fib retracement level of the previous wave, that is 5362 USD. That is why there may be a possibility for this decline to continue even longer. At the moment, the BTC/USD appears to be come down to $6000, which could be a new support. When a break occurs at $6000 range, the price could come down even more.

The price could come down between $5600 and 5700.

BTC/USD pair technical indicators:

  1. 4-hours Moving Average – The MACD is currently gaining pace into being bearish.
  2. 4-hours Relative Strength Index – The Relative Strength is at the oversold levels.
  3. The Current Major Support Level is 6000 USD.
  4. The Current Major Resistance Level is 6750 USD

 

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