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.

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.

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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