RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Testing Crucial Resistance
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Bitcoin Price Weekly Analysis: BTC/USD Testing Crucial Resistance

20 May Bitcoin Price Weekly Analysis: BTC/USD Testing Crucial Resistance

Posted at 08:48h in Bitcoin News by

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Key Points

  • Bitcoin price stayed above the $8,000 support level and recovered against the US Dollar.
  • There is a monster bearish trend line forming with resistance at $8,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair has to move above the trend line and settle above $8,300-8,400 for more gains in the near term.

Bitcoin price is currently testing a major resistance near $8,400 against the US Dollar. BTC/USD could accelerate higher once there is a proper close above $8,400.

Bitcoin Price Upside Barrier

This past week, there were further downsides from well above $8,500 in bitcoin price against the US Dollar. The price moved down and broke the $8,200 support level. There was even a spike below the $8,000 pivot level before a low was formed at $7,940. Later, the price started an upside correction and succeeded in moving above the $8,000 pivot level.

There was also break above the 23.6% Fib retracement level of the last drop from the $8,884 high to $7,940 low….

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