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Bitcoin (BTC) Price Weekly Forecast: Approaching Next Crucial Break
There was a solid upside correction initiated from the $9,100 swing low against the US Dollar.The price gained traction after it broke the key $10,000 resistance area and traded towards $11,250.There was a break above a major bearish trend line with resistance at $10,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair tested a crucial resistance near $11,250 and it is currently correcting lower.Bitcoin price is showing positive signs above the $10,250 support against the US Dollar. However, BTC must break the $11,250 resistance zone to continue higher in the near term.Bitcoin Price Weekly Analysis (BTC)This past week, bitcoin price extended its decline below the $10,000 support against the US Dollar. The BTC/USD pair even broke the $9,500 support and settled below the 100 simple moving average (4-hours). Finally, the price traded close to the $9,000 and formed a swing low near $9,100. A support base is formed above $9,200 and the price started an upside correction.The recent wave was positive as the price broke the $10,000 and $10,250 resistance levels. The price even surpassed the 50% Fib retracement level of the last major slide from the $11,920 swing high to $9,101 swing low. Moreover, there was a break above a major bearish trend line with resistance at $10,400 on the 4-hours chart of the BTC/USD pair. The price climbed above the $10,800 resistance and Looking at the chart, bitcoin price clearly tested a crucial resistance near $11,250. Therefore, a clear break above $11,250 is needed for the bulls to gain control in the coming sessions.Technical indicators4 hours MACD – The MACD for BTC/USD is struggling to gain traction in the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.Major Support Level – $10,250Major Resistance Level – $11,250
Author: Aayush Jindal
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