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May 3, 2019
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Bitcoin Price Weekly Analysis: BTC/USD is likely to trade towards $7,000

Key Points

  • Bitcoin price gained traction recently and moved above the $6,550 resistance against the US Dollar.
  • There is a crucial bullish trend line in place with support at $6,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair might dip a few points, but it remains supported above the $6,650 and $6,550 levels.

Bitcoin price is positioned nicely in a bullish zone above $6,550 against the US Dollar. BTC/USD is likely to trade towards the $6,900 and $7,000 levels in the near term.

Bitcoin Price Trend

This past week, there was a solid support formed near the $6,220 level in bitcoin price against the US Dollar. The BTC/USD pair started an upside move and traded above the $6,420 and $6,550 resistance levels. There was also a close above the $6,550 level and the 100 simple moving average (4-hours). The price climbed above the $6,650 level and is currently trading in a bullish zone.

It exchanged near the $6,800 level and was seen battling close to the $6,780-6,800 zone. Ought to there be a break and close above $6,800, the cost is probably going to quicken towards the $6,900 and $7,000 levels in the close term. Above $7,000, the cost could even test the $7,200 level. On the drawback, an underlying help is close to the 23.6% Fib retracement level of the last wave from the $6,229 low to $6,789 high. Additionally, there is a significant bullish pattern line set up with help at $6,650 on the 4-hours diagram of the BTC/USD combine. Thusly, it appears as though there is a nice support` shaped close $6,650.

Taking a gander at the graph, BTC cost is situated pleasantly in a bullish zone over the $6,550 bolster. For whatever length of time that there is no nearby beneath $6,550 and $6,500, the cost may keep on climbing higher.

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Bitcoin Price Weekly Analysis: BTC/USD

Looking at the chart, BTC price is positioned nicely in a bullish zone above the $6,550 support. As long as there is no close below $6,550 and $6,500, the price might continue to climb higher.

Looking at the technical indicators:

  • 4-hours MACD – The MACD for BTC/USD is slightly placed in the bullish zone.
  • 4-hours RSI (Relative Strength Index) – The RSI is now well above the 50 level.
  • Major Support Level – $6,550
  • Major Resistance Level – $6,800


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Nasir Khan

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