{"id":374078,"date":"2019-03-10T05:00:25","date_gmt":"2019-03-10T05:00:25","guid":{"rendered":"https:\/\/wncen.com\/?p=374078"},"modified":"2024-06-11T13:38:32","modified_gmt":"2024-06-11T13:38:32","slug":"bitcoin-btc-price-analysis-trend-overwhelmingly-bullish","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-analysis-trend-overwhelmingly-bullish\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Analysis: Trend Overwhelmingly Bullish To $4,200"},"content":{"rendered":"
Bitcoin price is grinding higher with a positive bias above $3,800 against the US Dollar. BTC\/USD buyers are in control and they seem to eye a test of the $4,200 resistance level.<\/em><\/p>\n This past week, there was a steady rise<\/a> from the $3,700 support area in bitcoin price against the US Dollar. The BTC\/USD pair climbed higher and settled above the $3,800 resistance level and the 100 simple moving average (4-hours). However, the price faced a strong resistance near the $3,900 level. There were many attempts to clear the $3,900 barrier, but buyers failed to gain momentum. As a result, there was a sharp decline recently below the $3,850 level. The price even spiked below the $3,800 support and the 100 simple moving average (4-hours).<\/p>\n Buyers took a stand near the $3,760 level and later the price bounced back sharply. It broke the $3,900 resistance and settled well above the 100 simple moving average (4-hours). A new high was formed near the $3,945 level and the price is currently consolidating gains. It is testing the 23.6% Fib retracement level of the recent wave from the $3,765 low to $3,945 high. On the downside, there is a strong support<\/a> formed near the $3,850 level. The 50% Fib retracement level of the recent wave from the $3,765 low to $3,945 high is also near $3,855.<\/p>\n More importantly, there is a crucial ascending channel is in place with support at $3,830 on the 4-hours chart of the BTC\/USD pair. Therefore, the pair remains well supported on the downside near the $3,850 and $3,830 levels. On the upside, the price must break the $4,000 barrier for more gains in the near term.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n