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Bitcoin (BTC) Weekly Outlook: Will BTC/USD Price Test Monthly High?

Bitcoin (BTC) Weekly Outlook: Will BTC/USD Price Test Monthly High?

2019-09-06 13:00:00
Mahmoud Alkudsi, Market Analyst
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Bitcoin Price Technical Forecast

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BTC/USD Price U-Turn

On August 29, Bitcoin declined to its lowest level in nearly five weeks at 9,327. However, the cryptocurrency rallied after and settled above 10,000 handle.

On Monday, the Relative Strength Index (RSI) climbed above 50 indicating to buyer’s will to start uptrend momentum.

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Bitcoin PRICE DAILY CHART (Oct 1, 2017 – Sep 6, 2019) Zoomed Out

Bitcoin price daily chart 06-09-19 Zoomed out

Bitcoin PRICE DAILY CHART (May 28 – Sep 6, 2019) Zoomed In

Bitcoin price daily chart 06-09-19 Zoomed in

Looking at the daily chart, we notice at the start of this week Bitcoin moved to a higher trading zone 10,289 – 10,962 since then the price has been pushing higher. Hence, a close above this level could send BTC/USD towards 13,853. Although, the weekly resistance level underlined on the chart (zoomed in) should be followed along the way.

On the other hand, any failure to close above the high end could may reverse the price’s direction sending BTC/USD to the low end of the zone. Further close below the low end could press the cryptocurrency towards 9,073. Nonetheless, sellers need to pay a close attention on the weekly and daily support levels underscored on the chart.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Bitcoin PRICE FOUR Hour CHART (July 28 – Sep 6, 2019)

Bitcoin price four hour chart 06-09-19

Looking at the four-hour chart, we notice on Monday Bitcoin broke above the downtrend line originated from Aug 6 at 12,318. The price rallied after eyeing a test of the high end of the aforementioned trading zone.

Thus, a break above 11,103 may encourage buyers to rally BTC/USD towards 11,775. In that scenario, the weekly the August 12 high marked on the chart needs to be considered.

In turn, a break below 9,935 could press BTC/USD towards the July 28 low at 9,116. Although, the weekly support at the August 29 low at 9,327 would be worth monitoring.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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