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    Bitcoin Price Weekly Analysis –BTC/USD Upside Drift Above $20,000

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    Key Points

    • Bitcoin price is gaining pace once again and is currently trading above $18,000 against the US Dollar.
    • There is a monster bullish trend line forming with support at $17,000 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
    • The pair is moving higher and it might soon break the $20,000 level for more gains in the near term.

    Bitcoin price is surging higher towards $20,000 against the US Dollar. BTC/USD might soon break the $20k level and gain further traction in the near term.

    Bitcoin Price Trend

    There were nasty gains in bitcoin price above the $16,000 level against the US Dollar. After a major correction, the price found support above $15,000. Later, buyers gained momentum and were able to push the price above the $17,000 level. It opened the doors for more gains and the price was able to trade to a new all-time high above $19,000. The recent high was $19,426 and it seems like the current upside move is far from over.

    During the upside move, the price was able to break a major connecting resistance trend line at $18,000 on the hourly chart. The current price action is positive above $17k and it seems like the price might continue to move higher. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $15,590 low to $19,426 high. Moreover, the broken trend line at $18K could act as a strong support in the near term.

    Moreover, there is a monster bullish trend line forming with support at $17,000 on the 4-hours chart of BTC/USD. Therefore, the current trend is very positive and the pair might accelerate above $20K in the near term.

    Looking at the technical indicators:              

    4-hours MACD – The MACD is gaining momentum in the bullish zone.

    4-hours RSI (Relative Strength Index) – The RSI is reaching the overbought levels, but with no signs of a major correction.

    Major Support Level – $17,000

    Major Resistance Level – $20,000

     

    Charts courtesy – SimpleFX

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