- There was a steady rise in bitcoin price above the $10,500 resistance against the US Dollar.
- The price is currently correcting lower after it traded to a new monthly high close to $11,000.
- There is a key bullish trend line forming with support near $10,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- There could be a downside correction towards the $10,100 support area before a fresh increase.
Bitcoin price is trading with a bullish bias above $10,000 against the US Dollar. BTC remains buy on dips as long as there is no daily close below $10,000.
Bitcoin Price Weekly Analysis (BTC)
In the last weekly forecast, we discussed the importance of the $10,000 resistance for bitcoin price against the US Dollar. The BTC/USD pair remained well bid and managed to surpass the $10,000 resistance. Moreover, there was a break above the $10,500 resistance and the 100 simple moving average (4-hours). Finally, the price climbed above the $10,800 level and traded close to the $11,000 level.
A swing high was formed near $10,949 before the price started a downside correction. There was a sharp decline below the $10,800 and $10,500 support levels. Moreover, there was a break below the 23.6% Fib retracement level of the last wave from the $9,300 low to $10,949 high. Finally, there was a break below the $10,400 level. However, the price stayed above the $10,000 support and the 100 SMA.