Weekly Bitcoin price analysis

For the first week of 2018, Bitcoin has been appreciating in relation to US Dollar, after recording a minimum value of $12,500. As long as the price quotation doesn’t drop under $15,800, the BTC – USD pair is safe and could reach to higher value by the end of this month.

The key moments of the week were the comeback that the virtual coin has had few days ago, having the price of $15,000 after a pretty big fall from almost $20,000 to $12,000. On BTC – USD for 4 hours graph, the bear trend line was pierced. The line was standing at a resistance of $14,100. Regarding the inferior side of the graph, it can be noticed a bulls trend line wit a support situated at $15,800.

The price of Bitcoin will probably increase again with a support surrounding the value of $12,000 according to NewsBTC.com The price has started to grow again and has surpassed the resistance points placed at $13,000 and $14,000. During the ascension, Bitcoin managed to overcome the $15,000 price and the SMA 100. Therefore, new appreciations were available, the price reaching above $15,000. The maximum recorded this past week was $17,048, when a correction has been initiated.

The trend line is close to Fibonacci retracement level of 50% related to the wave mentioned above. Overall, the trend is a positive one and the price could reach $17,000 by the end of this month.