Bitcoin price analysis: BTC/USD retests key trend line again, as bulls look to break down above strong supply zone
- Bitcoin price retested the strong supporting trend line, to be sent back north and re-challenge $9,500-10,000 zone.
- BTC/USD is heading for its fourth consecutive week of straight gains, gaining around 50% within this time period.
The Bitcoin price is seen down marginally on Friday, following the price testing the key ascending trend line again in the early hours of Friday. Given the recent bounce on this support, bulls will be looking for this to take them back towards the supply zone, running from $9,500-10,000, in another attempt to break this area down.
BTC/USD overall across the trading week has seen a solid performance within the market, much fluctuation observed, but managing to finish firmly in the green. This will be the fourth consecutive week of straight gains for the crypto.
Technically, given the weekly close again above the long-running ascending trend line, one would expect that the momentum should stay with the bulls for now. The key target for upside remains on whether the $9,500,10,000 zone can be broken down. Support is firm around $8,600-700, where the above-mentioned trend line tracks.
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.
