RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Could Test $9,000
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Bitcoin Price Weekly Analysis: BTC/USD Could Test $9,000

29 Jul Bitcoin Price Weekly Analysis: BTC/USD Could Test $9,000

Posted at 08:08h in Bitcoin News by

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Key Points

  • Bitcoin price made a nice upside move above the $7,600 and $8,000 resistances against the US Dollar.
  • There is a crucial bullish trend line in place with support at $7,950 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is placed nicely in a bullish trend above the $8,000 and $7,700 support levels.

Bitcoin price completed a correction wave near $7,800 against the US Dollar. BTC/USD is resuming its upside move and it could break the $8,500 high to test $9,000.

Bitcoin Price Supports

This past week, there was a nice upside move as bitcoin price broke the $7,600 and $7,700 resistance levels against the US Dollar. The BTC/USD pair even broke the $8,000 resistance and traded as high as $8,500. Later, the price started a downside correction and moved below the $8,000 level. There was a break below the 23.6% Fib retracement level of the last leg from the $7,206 low to $8,500 high.

However, the decline was protected by the $7,800 support area. More…

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