September 20, 2018

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Bitcoin Price Weekly Analysis – BTC/USD Could Settle above $10,000



Key Points

  • Bitcoin price is trading with a positive bias and it currently placed nicely above $9,500 against the US Dollar.
  • There is a major bullish trend line forming with support at $9,600 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains in an uptrend and it may well break the $10,000 level and settle above it.

Bitcoin price is gaining momentum above $9,500 against the US Dollar. BTC/USD is likely to accelerate higher above the $10,000 and $10,500 levels in the near term.

Bitcoin Price Uptrend

This past week, bitcoin price traded with mostly bullish bias above the $9,000 support level against the US Dollar. The price slowly moved higher and broke the $9,250, $9,500 and $9,700 resistance levels. It traded close to the $10,000 level and formed a high at $9,960. Buyers failed to push the price above the $10,000 level, but the bias is still positive.

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There was a minor downside correction from the $9,960 high. BTC price declined and traded below the 23.6% Fib retracement level of the last wave from the $8,847 low to $9,960 high. However, the decline was prevented by the $9,600 support level. There is also a major bullish trend line forming with support at $9,600 on the 4-hours chart of the BTC/USD pair. Moreover, the 38.2% Fib retracement level of the last wave from the $8,847 low to $9,960 high also acted as a support. At the moment, the price is placed nicely above $9,600 and it may continue to move higher during the coming days.

Bitcoin Price Weekly Analysis BTC USD

Looking at the chart, it seems like the price could accelerate gains above the $10,000 level. Above this last, the next stop for buyers could be $10,800 and $11,000 in the near term.

Looking at the technical indicators:              

4-hours MACD – The MACD for BTC/USD is slowly reducing its bullish slope.

4-hours RSI (Relative Strength Index) – The RSI is moving lower from the 70 level.

Major Support Level – $9,600

Major Resistance Level – $10,000



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