Bitcoin Price Weekly Analysis

This past week, bitcoin price started a major downside move from the $4,235 level against the US Dollar. The BTC/USD pair traded below the $4,000 and $3,800 support levels. However, the price found support near the $3,550 level and later started an upward move. More importantly, the price stayed above the $3,500 pivot level and the 100 simple moving average (4-hours).

The price jumped above $3,800 and the 50% Fib retracement level of the recent decline from the $4,235 high to $3,563 low. However, the price failed to clear the $3,980 and $4,000 resistance area. Besides, the 61.8% Fib retracement level of the recent decline from the $4,235 high to $3,563 low also acted as a resistance. There was yet another downside move, but the $3,675 level acted as a support. Finally, there is a key bullish trend line formed with support $3,680 on the 4-hours chart of the BTC/USD pair. If there is a break below the trend line, the price decline towards $3,550 or $3,500.

Looking at the chart, BTC price seems to trading above important support levels near $3,600. On the upside, buyers need to clear the $3,900 and $4,000 resistance levels for more gains. The next major resistance is near the $4,080 and $4,200 levels.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is likely to move back into the bearish zone.

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

Major Support Level – $3,550

Major Resistance Level – $4,000

Source: https://www.newsbtc.com/2018/12/30/bitcoin-price-weekly-analysis-btc-holding-key-uptrend-support/

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Kane Williamson

About the Author: Kane Williamson

Kane is an American crypto journalist in pursuit of his digital nomad dream. Although he graduated in scriptwriting, he spent the past decade in corporate environments. Now that he's rediscovering what freedom feels like, he can't get enough of blockchain and its decentralization.

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