Bitcoin Price Weekly Analysis: Can BTC/USD Gain Traction?

Key Points

• Bitcoin price is currently consolidating around the $6,500 level against the US Dollar.
• The BTC/USD pair is currently attempting an upside break above a declining channel with resistance at $6,500 on the 4-hours chart (data feed from Kraken).
• The pair may move a few points higher, but there are many hurdles on the upside near the $6,800 level.
• Bitcoin price is stable above the $6,400 level against the US Dollar. BTC/USD must gain momentum above $6,600 and $6,800 to move into a bullish zone.

Bitcoin Price Resistance

This past week, bitcoin price started an upside correction after dropping to the $6,130 level against the US Dollar. The BTC/USD pair moved above the $6,200 and $6,400 resistance levels. There was also a break above the 23.6% Fib retracement level of the last downside move from the $7,785 high to $6,130 swing low. However, the price faced a lot of sellers around the $6,700 level.

There was a rejection from a declining channel with current resistance at $6,500 on the 4-hours chart of the BTC/USD pair. Moreover, the 38.2% Fib retracement level of the last downside move from the $7,785 high to $6,130 swing low acted as a hurdle. The price moved down below $6,600 but found support. It is currently moving higher once again and is attempting a break above the same channel and $6,500. Should the price succeed in moving past the channel resistance, it could move higher towards the $6,600 and $6,700 resistance levels. Above this last, the next hurdle sits around the $6,800 level.

Bitcoin Price Weekly Analysis BTC

Looking at the chart, the current price action suggests consolidation above the $6,400 level. A break above the $6,700 level may perhaps open the doors for an upside push towards $7,000.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is currently flat in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is just around the 50 level.

Major Support Level – $6,400

Major Resistance Level – $6,700

---

Special Thanks to : @originalworks
@Originalworks @minnowpond
@followforupvotes @minnowsupport
@dorabot @dropahead @gaman
@abasinkanga @skreza @kevinwong
@craig-grant @juneaugoldbuyer
@blakemiles84 @bobbylee @paco
@crypt0 @trevonjb @yuliana
@thecryptofiend @chriscrypto
@jonnyrevolution @brianphobos
@craigrant---- @craigrant @TrevonjB @trevonjb @CraigRant @Craig-grant
@upvoteforupvote @followforfollow
@itchykitten @martin.mikes
@jean-gregoire @kedjom-keku
@ecoinstant

Non bid bot upvote services:
@treeplanter @echowhale @zappl @life
@weather @thunderstorm
@followforfollow
@upme @luckyvotes @mercurybot
@bearwards @postpromoter
@redlambo @upmewhale @allaz
@steembloggers @sneaky-ninja
@booster @aksdwi @boomerang

Bidder beware:
@mrswhale @getboost @hr1 @bangla
@bdbot @sadbin @originalworks
@minnowpond @followforupvotes
@minnowsupport @dorabot
@dropahead @gaman @abasinkanga
@skreza @kevinwong @craig-grant
@juneaugoldbuyer @blakemiles84
@bobbylee @paco @crypt0) @trevonjb
@yuliana @thecryptofiend
@chriscrypto @jonnyrevolution
@brianphobos @craigrant
@craigrant @tosch #upvoteforupvote
#followforfollow @itchykitten
@martin.mikes @jean-gregoire
@kedjom-keku @ecoinstant