Bitcoin Price Weekly Analysis – BTC/USD Holding Crucial Supports

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Key Points

  • Bitcoin price corrected sharply after trading towards $2650 against the US Dollar, but remains supported on the downside.
  • The last week’s highlighted important bullish trend lines with support at $1940 and $1800 on the 4-hours chart of BTC/USD (data feed from SimpleFX) are holding well.
  • As long as the price is above these trend lines and $1800, it is likely to move back above $2200.

Bitcoin price after a surge towards $2700 against the US Dollar corrected lower, but these dips in BTC/USD are protected by a major support area.

Bitcoin Price Buy Dips?

In the last weekly analysis, I mentioned that the overall trend is bullish with chances of a move above $2100 in Bitcoin price against the US Dollar. There was no stopping the price, as it climbed above $2100, $2400 and even $2500. It traded as high as $2684 where it faced sellers and started a downside move. First, it cleared the 23.6% Fib retracement level of the last wave from the $1664 low to $2684 high. It called for the start of a correction below $2500.

The price dived sharply and even broke the $2200 support. The most important break was below the 50% Fib retracement level

Read more ... source: NewsBTC USA

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