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    Bitcoin Price Weekly Analysis – BTC/USD Correction Underway

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    Key Points

    • Bitcoin price after a nasty upside ride above the $17,000 level found sellers against the US Dollar.
    • There is a key bullish trend line forming with support at $13,000 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
    • The pair is currently correcting lower and it might extend decline towards the $12,000 level in the near term.

    Bitcoin price surged above $17,000 against the US Dollar. BTC/USD is currently under a correction mode and it might test the $12,000 level.

    Bitcoin Price Supports

    It was a super bullish week for bitcoin price as it moved surged above the $15,000 level against the US Dollar. The upside move was such that the price moved above the $17,000 level and formed a high at $17,095. Later, the price faced a strong resistance and started a downside correction from $17,000. It has moved below the 38.2% Fib retracement level of the last wave from the $8968 low to $17,095 high.

    At the moment, the price is testing a major support at $13,000. There is a key bullish trend line forming with support at $13,000 on the 4-hours chart of BTC/USD. The trend line support is around the 50% Fib retracement level of the last wave from the $8968 low to $17,095 high. There are chances of more losses in the near term below $13,000. Once there is a break below the trend line support, there can be an extension towards $12,000. The mentioned level is around the 61.8% Fib retracement level of the last wave from the $8968 low to $17,095 high.

    The overall trend is positive above the $12,000 level. Once the current correction is over, the price will most likely resume its uptrend above $15,000.

    Looking at the technical indicators:              

    4-hours MACD – The MACD is currently reducing its bullish slope.

    4-hours RSI (Relative Strength Index) – The RSI is currently below the 50 level and is moving lower.

    Major Support Level – $12,000

    Major Resistance Level – $15,000

     

    Charts courtesy – SimpleFX

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