…There were decent gains in Bitcoin price above the $5400 level against the US Dollar. The price remained supported above $5500 and even attempted a break above $6000 once. However, sellers appeared and prevented gains above $6000. A high was formed at $5999 and the price started correcting lower. It has moved below the 38.2% Fib retracement level of the last wave from the $5362 low to $5999 high.
However, the downside move below $5500 seems to be limited. Buyers appeared near $5650 and the 50% Fib retracement level of the last wave from the $5362 low to $5999 high. More declines look limited by the $5600 and $5500 support levels. Moreover, the 100 simple moving average (H4) is also near the $5680 level to act as a short-term support. It seems like there is a key contracting triangle forming with support at $5600 on the 4-hours chart of BTC/USD…
Read Full: Bitcoin Price Weekly Analysis – BTC/USD Remains Bullish – NEWSBTC
