Bitcoin Price Weekly Analysis: Super Strong Run, $4500 May Be Next
Bitcoin price is in a super bullish trend against the US Dollar and other cryptocurrencies, and BTC/USD might continue to move higher towards $4500.
- Bitcoin price rocketed higher above the $4000 level for a new high at $4098 against the US Dollar.
- There was a break above a crucial contracting and ascending triangle at $3765 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
- Buying on dips towards the $3850 remain a good idea in the near term.
Bitcoin price after the Hard Fork continued to gain momentum above $3000 against the US Dollar. The upside was so strong that buyers were able to break key resistance levels like $3700 and $3900. The price even broke a milestone level of $4000 and recently traded as high as $4098. The current uptrend is very strong and putting a lot of pressure on other cryptocurrencies like Ethereum.
During the upside move, there was a break above a crucial contracting and ascending triangle at $3765 on the 4-hours chart of BTC/USD. It has opened the doors for further gains above $4000 in the near term. The stated triangle at $3900 might act as a support if the price corrects lower from the current levels. The 23.6% Fib retracement level of the last wave from the $3232 low to $4098 high is also at $3894.
Overall, the price remains in a super bullish trend and supported above $3800. Any major declines in the near term can be considered as buying opportunity above $3800. On the upside, the recent high at $4098 is an initial resistance. The next move hurdle for buyers could be at $4500.
Looking at the technical indicators:
4-hours MACD – The MACD is gaining heavy momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently in the extreme overbought zone.
Major Support Level – $3800
Major Resistance Level – $4100
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Charts courtesy of Trading View