Bitcoin Price Weekly Analysis – BTC/USD To Retarget $1700

Key Points

  • Bitcoin price soared higher this past week above $1680 (data feed from SimpleFX) against the US Dollar.
  • There are two bullish trend lines formed with support at $1550 and $1525 on the 4-hours chart of BTC/USD.
  • The price may extend its current trend, and could even trade back towards the $1700 level.

Bitcoin price remained elevated against the US Dollar, and it looks like BTC/USD may soon attempt a retest of the $1700 level in the near term.

Bitcoin Price Uptrend Intact

This past week, there was a sharp increase in Bitcoin price, as it tested the $1700 level against the US Dollar. The best part was that there were many resistances break like $1500 and $1600. A solid trend as forecasted in the last weekly analysis above $1450 is established, and we may see more upsides. The price recently tested $1700 (data feed from SimpleFX), but could not break it for a move towards $1720. Later, it started a correction wave and moved below the $1600 support.

It traded as low as $1506 where it found support. At the moment, there are two bullish trend lines formed with support at $1550 and $1525 on the 4-hours chart of BTC/USD. These

Read more ... source: NewsBTC USA

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