Bitcoin Price Analysis: BTC/USD Eyeing New Weekly High
Bitcoin price is trading with a bullish tone above $4500 against the US Dollar. BTC/USD now eyeing a break above $4619 for further gains.
Key Talking Points
Bitcoin price is gaining pace and recently broke the $4470 resistance against the US Dollar.
There is a crucial ascending channel forming with support at $4475 on the hourly chart of
As long as the pair is above $4420, there is a chance of a break of $4620 towards $4650.
Bitcoin Price Chart Analysis
The recent moves in Bitcoin price were mostly positive above $4200 against the US Dollar. The price was able to break an important resistance area near $4420, opening the doors for more gains in the near term.
A new weekly high was formed at $4619 before the price faced resistance. At the moment, the price is currently correcting lower and heading towards the 23.8% Fibonacci retracement level of the last wave from the $4317 low to $4619 high.
Looking at the hourly chart of BTC/USD (data feed of Kraken exchange), there is a crucial ascending channel forming with support at $4475. The channel support holds a lot of importance for the current trend since it is near the $4470-60 pivot.
The 38.2% Fibonacci retracement level of the last wave from the $4317 low to $4619 high is also around the channel support to act as a strong buy zone. Therefore, if the price dips from the current levels, buyers are likely to take a stand near $4500 and $4470.
Should there be a close below $4470, the $4420 support and the 100 hourly simple moving average at $4410 would come into the picture.The $4420-10 region is significant for the current trend and must holds losses if the price moves down.
On the upside, a push above $4619 is on the cards. The next major hurdle for buyers is at $4680 followed by $4700.
Buying dips close to the $4500 and $4470 levels can be considered as long as the price is above $4420 and the 100 hourly SMA.