Weekly Bitcoin price analysis: Can BTC/USD climb higher?

The price of Bitcoin was positioned very well before and mentioned the level of $ 7,200 with favorable symptoms of the US dollar. There is...

The price of Bitcoin was positioned very well before and mentioned the level of $ 7,200 with favorable symptoms of the US dollar.
There is a line of vital bearish development with resistance at $ 7,750 on the 4-hrs chart of the BTC / USD pair (Kraken data feed).
The pair should accelerate the aforementioned gains, the $ 7,750 and $ 7,800 barriers for many more positive aspects around the time period.
The Bitcoin rate moves in a bullish area above $ 7,200 of the US dollar. BTC / USD can most likely show the resistance of $ 7,800 to bounce above $ 8,000 in the proximity of the phrase.

Resistance to the value of Bitcoin

In the last days of 7, the price of bitcoin was normally trading in a variety over the $ 7,000 handle against the US dollar. The most effective part was the reality that the sale price remained in the aid ranges of $ 7,200 and $ 7,400. There was also a division and closed previously mentioned the 23.6% Fib retracement stage of the previous decline from $ 8,613 significant to $ 7,050 swing very low. There are good signs, but there is a very important barrier in the whole grade of $ 7,800.

However, the upward change is limited by the $ 7,780 and $ 7,800 levels. And most importantly, there is a key bearish madness line in the area with resistance at $ 7,750 on the 4-hour chart of the BTC / USD pair. The amount of retracement 50% Fib of the last fall from $ 8,613 high to $ 7,050 swing very low is also in the whole line of patterns. As a result, there is an important barrier that trains clients around $ 7,800. A crack and closing higher than $ 7,800 probably indicates the route for a disc above the $ 8,000 level.
 

When looking at the graph, the cost is usually to invest in a range with a bearish angle below $ 7,500. If sellers get regular and press the value below $ 7,200, there could be a bearish reaction in the small phrase.

Looking at the complex indicators:

4: several hours MACD - The MACD for BTC / USD is mainly flat in the bullish zone.

4-hrs RSI (relative energy index) - The RSI is just below level 50.

Significant Degree of Help - $ 7,200

Highest resistance level - $ 7,800

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