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Author Topic: [2016-09-18] Bitcoin Price Weekly Analysis – Can BTC/USD Recover?  (Read 167 times)
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September 18, 2016, 10:39:07 AM

Bitcoin price this past week traded as high as $629 against the US Dollar, but found sellers. The price dropped sharply after a failure to break the stated level. During the downside move, the BTC/USD pair broke a bullish trend line formed on the 4-hours chart (data feed from SimpleFX). The highlighted break was crucial, as it ignited more losses in the pair.

The pair traded as low as $568, but then quickly recovered. The price moved above the 50% Fib retracement level of the last drop from the $629 high to $568 low. However, the pair is struggling to close above the $615 level. It is also struggling for a daily close above the 61.8% Fib retracement level of the last drop from the $629 high to $568 low. It means it won’t be easy for the bulls to take the price higher.
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