Bitcoin Price Weekly Bitcoin price has recovered well and broke the $4000 resistance against the US Dollar.
There is a crucial ascending channel forming with support at $4250 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
The pair is gaining momentum and about to break the $4350 resistance.
Bitcoin price is back in the bullish zone above $4000 against the US Dollar. BTC/USD might gain pace and could soon break $4400.
Bitcoin Price Weekly Analysis BTCUSD Uptrend
It was a good week for Bitcoin price as it started a decent recovery from $4000 against the US Dollar. The price traded higher and broke a few important resistances like $4100 and $4200. There was a break above the 61.8% Fib retracement level of the last decline from the $4674 high to $2967 low. It has opened the doors for more gains above the $4200 level.
Bitcoin Price Weekly
At the moment, the price is attempting a close above the 76.4% Fib retracement level of the last decline from the $4674 high to $2967 low. Once there is a close above the $4300 level, the price could easily surpass $4000 and trade towards the last swing high or $4670. It seems like there is a crucial ascending channel forming with support at $4250 on the 4-hours chart of BTC/USD. As long as the price is above the channel support at $4250, it remains in the bullish zone.
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