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    Bitcoin Price Weekly Analysis – BTC/USD’s Upside Drift

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    Key Points

    • Bitcoin price continues to trade higher and it recently moved above $8800 against the US Dollar.
    • There was a break above an ascending channel with resistance at $8650 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
    • The pair is now gaining pace above $8500 and looks set to break the $9000 level in the near term.

    Bitcoin price is moving higher above $8800 against the US Dollar. BTC/USD might soon break $9000 to trade further higher in the near term.

    Bitcoin Price Upside Break

    There were continuing gains in bitcoin price above the $8000 level against the US Dollar. The price was able to move above the $8800 level as well and formed a new all-time high at $8888.46. During the upside move, there was a break above the $7500 and $8000 resistance levels. Moreover, there was a break above an ascending channel with resistance at $8650 on the 4-hours chart of BTC/USD.

    The mentioned breaks opened the doors for more gains above $8800. It seems like the current trend is very positive and the price is likely to accelerate higher above $8800. The next resistance on the way is around the $9000 level. On the downside, the broken channel near $8650 is likely to act as a support if the price moves down. Moreover, the 23.6% Fib retracement level of the last wave from the $875 low to $8888 high is also near $8650.

    Therefore, the $8650 level is a major support in the short term. Below $8650, the 50% Fib retracement level of the last wave from the $875 low to $8888 high at $8382 might be tested. Below this last, the most important support zone is near $8200-8000. The upside targets could be $9000, $9200 and $9800.

    Looking at the technical indicators:              

    4-hours MACD – The MACD is placed well in the bullish zone.

    4-hours RSI (Relative Strength Index) – The RSI is moving higher in the overbought levels above 75.

    Major Support Level – $8650

    Major Resistance Level – $9000

     

    Charts courtesy – SimpleFX

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