Home / Latest Breaking News / Bitcoin Price Weekly Analysis: BTC/USD Remains In Downtrend Below $4,500

Bitcoin Price Weekly Analysis: BTC/USD Remains In Downtrend Below $4,500

Key Issues

  • Bitcoin worth recovered not too long ago and traded above the $Four,000 and $Four,200 ranges towards the USA Greenback.
  • There’s a key bearish pattern line shaped with resistance at $Four,320 at the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair is prone to battle to damage the $Four,320, $Four,400, $Four,500 and $Four,590 resistance ranges.

Bitcoin worth is slowly improving above $Four,000 towards the USA Greenback. Alternatively, BTC/USD stays in a downtrend so long as it’s beneath the $Four,500 resistance.

Bitcoin Worth Research

This previous week, there was once a good restoration from the $three,500 improve house in bitcoin worth towards the USA Greenback. The BTC/USD pair traded upper and broke the $three,750 and $Four,000 resistance ranges. The upside transfer was once sure above the $Four,000 and $Four,200 ranges. There was once even a detailed beneath the 23.6% Fib retracement degree of the closing slide from the $five,697 top to $three,483 low. Alternatively, the associated fee struggled to transparent the $Four,400-Four,500 resistance zone.

Additionally, there’s a key bearish pattern line shaped with resistance at $Four,320 at the Four-hours chart of the BTC/USD pair. The pair is recently consolidating beneath the rage line and $Four,400. The fee should destroy the $Four,400 resistance and the 100 easy transferring moderate (Four-hours) for extra good points. The following main hurdle is close to $Four,500 and $Four,590. The $Four,590 degree coincides with the 50% Fib retracement degree of the closing slide from the $five,697 top to $three,483 low. Subsequently, a destroy above the $Four,400, $Four,500 and $Four,590 resistance ranges received’t be simple within the close to time period.

Bitcoin Price Analysis BTC Chart

Having a look on the chart, BTC worth obviously stays in a downtrend so long as it’s beneath $Four,500 and the 100 SMA. At the problem, an preliminary improve is at $Four,000, beneath which the associated fee may just slide in opposition to $three,600 or $three,500.

Having a look on the technical signs:

Four-hours MACD – The MACD for BTC/USD is positioned quite within the bullish zone.

Four-hours RSI (Relative Energy Index) – The RSI is recently simply above the 50 degree.

Primary Fortify Degree – $three,600

Primary Resistance Degree – $Four,500

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