Bitcoin Price Weekly Analysis BTC/USD Eyeing $2000 – newsBTC

Bitcoin price surged higher above $1800 against the US Dollar, and the current movement in BTC/USD looks very bullish for more gains in the near term.

Bitcoin price surged higher above $1800 against the US Dollar, and the current movement in BTC/USD looks very bullish for more gains in the near term.

It was a nasty week for Bitcoin price, as it continued to gain momentum above $1700 against the US Dollar. My view of continuing gains in BTC is playing well. Recently, the price traded close to the $1910 level from where a correction was initiated. The price traded below the 23.6% Fib retracement level of the last wave from the $1510 low to $1905 high.

On the downside, a monster bullish trend line with support at $1660 on the 4-hours chart of BTC/USD was waiting. It acted as a barrier for further declines below $1650 and pushed the price back higher. There was also a test of the 61.8% Fib retracement level of the last wave from the $1510 low to $1905 high. The price is now back above the $1800 level. It looks like a correction wave is over, and the price may soon retest the last swing high at $1905.

If all goes well, there is a chance of further gains above $1900. On the downside, we have two bullish trend lines at $1660 and $1610, which may continue to act as a support. The overall trend is bullish with a chance of BTC/USD testing $2000.

Looking at the technical indicators:

4-hours MACD The MACD is currently gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) The RSI is now back above the 50 level and heading north.

Major Support Level $1660

Major Resistance Level $1900

Charts courtesy SimpleFX

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Bitcoin Price Weekly Analysis BTC/USD Eyeing $2000 - newsBTC