Bitcoin price analysis: BTC/USD heading for a strong finish, five consecutive weeks in the green, after a slow start
- Bitcoin price has rallied for the past five consecutive trading weeks, gaining 50%.
- Supply zone from $9,500-10,000 is still key, then eyes will be on a retest of $11,700 where the price previously double topped.
The Bitcoin price is seen trading down marginally by 1% on Friday, as it looks to have a strong push towards the end of the week. Bulls come in with some force with the move north, after starting off quiet on Monday, Tuesday and Wednesday.
BCH/USD has rallied for five consecutive weeks, moving from a price as low as $6,400, to push back above $9,500, a strong gain of over 50% for Bitcoin. Within this time period, the bulls managed to push the price back above the long-running ascending trend line which had been breached.
Technically, looking on the weekly time frame, BTC/USD looks attractive for some further potential upside, however there is still a firm challenge ahead. A supply zone runs from $9,500-10,000, Bitcoin has not been above this area since the 5th March. Above this area, bulls eyes will be locked on $11,700 to see how the price responds to the double top.
BTC/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
