Bitcoin Weekly Forecast: BTC Price Primed For Bullish Break

• After a strong decline, bitcoin price found support near $7,000 against the US Dollar.
• The price is now trading near the $7,300 and $7,320 resistance levels.
• There is a major breakout pattern forming resistance near $7,320 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The price could dip a few points, but it is likely to find bids near the $7,180 and $7,050 levels.

Bitcoin price is trading above a few key supports against the US Dollar. BTC seems to be preparing for the next bullish break above $7,300 and $7,400.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin started a downside correction from the $7,500 resistance area against the US Dollar. BTC price traded below the $7,300 support and the 100 simple moving average (4-hours).

However, the decline was protected by the $7,000 support area. A swing low was formed near $6,922 and the price recovered sharply above $7,000. Moreover, there was a break above the 50% Fib retracement level of the downward move…