Bitcoin Price Weekly Analysis – BTC/USD Eyeing $2000

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Key Points

  • Bitcoin price after a dip towards $1160 against the US Dollar found support and bounced sharply.
  • A monster bullish trend line with support at $1660 on the 4-hours chart of BTC/USD (data feed from SimpleFX) acted as a barrier for sellers.
  • The price bounced sharply and currently trading above the $1800 level.

Bitcoin price surged higher above $1800 against the US Dollar, and the current movement in BTC/USD looks very bullish for more gains in the near term.

Bitcoin Price Trend Line Support

It was a nasty week for Bitcoin price, as it continued to gain momentum above $1700 against the US Dollar. My view of continuing gains in BTC is playing well. Recently, the price traded close to the $1910 level from where a correction was initiated. The price traded below the 23.6% Fib retracement level of the last wave from the $1510 low to $1905 high.

On the downside, a monster bullish trend line with support at $1660 on the 4-hours chart of BTC/USD was waiting. It acted as a barrier for further declines below $1650 and pushed the price back higher. There was also a test of the 61.8% Fib retracement level of the last wave from the

Read more ... source: NewsBTC USA

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