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Bitcoin price traded above $1220 against the US Dollar this past week, and now BTC/USD is trading near a major support area. Can it hold?

Bitcoin price traded above $1220 against the US Dollar this past week, and now BTC/USD is trading near a major support area. Can it hold?

It was a good week for Bitcoin against the US Dollar, as the price traded above $1200. The BTC/USD pair remained in an uptrend and gained heavy bids. However, the Bitcoin was seen struggling against the Ethereum, as ETH/BTC traded above the 0.0150BTC resistance area. So, the market sentiment for BTC/USD was not that aggressive, as it should have been. The BTC/USD pair maintained a slow and steady pace for an uptrend for a move above $1200.

The most important thing was our long followed bullish trend line on the 4-hours chart (data feed from SimpleFX) of BTC/USD. It is currently positioned near $1170 as a support. We can see how many times the price bounced, and traded higher. However, during the recent times, it lost pace, which puts the price at a risk below $1170. If there is a break below the monster trend line support at $1170, there can be more losses.

On the other hand, if the price keeps holding the support trend line, it may bounce. On the upside, there is a resistance trend line at $1225, acting as a hurdle for further gains. A break above it might push the price further higher. Overall, the price is bullish as long as above the highlighted trend line support at $1170.

Looking at the technical indicators:

4-hours MACD The MACD is currently in the bullish zone, but slowly reducing the slope.

4-hours RSI (Relative Strength Index) The RSI is heading towards the 50 level, which might play an important role.

Major Support Level $1170

Major Resistance Level $1225

Charts courtesy SimpleFX

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Bitcoin Price Weekly Analysis Can BTC/USD Hold This? - newsBTC