[2017-05-28]Bitcoin Price Weekly Analysis – BTC/USD Holding Crucial Supports

[peter0425]

Bitcoin Price Weekly Analysis – BTC/USD Holding Crucial Supports


Key Points

• Bitcoin price corrected sharply after trading towards $2650 against the US Dollar, but remains supported on the downside.
• The last week’s highlighted important bullish trend lines with support at $1940 and $1800 on the 4-hours chart of BTC/USD (data feed from SimpleFX) are holding well.
• As long as the price is above these trend lines and $1800, it is likely to move back above $2200.

Bitcoin price after a surge towards $2700 against the US Dollar corrected lower, but these dips in BTC/USD are protected by a major support area.

Bitcoin Price Buy Dips?

In the last weekly analysis, I mentioned that the overall trend is bullish with chances of a move above $2100 in Bitcoin price against the US Dollar. There was no stopping the price, as it climbed above $2100, $2400 and even $2500. It traded as high as $2684 where it faced sellers and started a downside move. First, it cleared the 23.6% Fib retracement level of the last wave from the $1664 low to $2684 high. It called for the start of a correction below $2500.

The price dived sharply and even broke the $2200 support. The most important break was below the 50% Fib retracement level of the last wave from the $1664 low to $2684 high. However, the downside move was prevented by the last week’s highlighted important bullish trend lines with support at $1940 and $1800 on the 4-hours chart of BTC/USD. These trend lines are acting as a monster support above $1800.

http://www.newsbtc.com/2017/05/28/bitcoin-price-weekly-analysis-btcusd-holding-crucial-supports/

[Slow death]

Dude, I'm crossing my fingers so the price will not fall until the $1600 because I'm going to have huge losses.

We will see how it will be in the next weeks, but I was already very happy when I saw $2600, ha ha ha

I thought the $3000 door was already open.

[peter0425]

Dude, I'm crossing my fingers so the price will not fall until the $1600 because I'm going to have huge losses.

We will see how it will be in the next weeks, but I was already very happy when I saw $2600, ha ha ha

I thought the $3000 door was already open.

LOL. The dumping is over now dude. The price looks like holding at $2200 range, so don't be afraid. Yes, we need to see how the price will move right now. We might see $2600 again in the coming weeks as investors will pour another cash flow to the bitcoin ecosystem.

[Baofeng]

Dude, I'm crossing my fingers so the price will not fall until the $1600 because I'm going to have huge losses.

We will see how it will be in the next weeks, but I was already very happy when I saw $2600, ha ha ha

I thought the $3000 door was already open.

LOL. The dumping is over now dude. The price looks like holding at $2200 range, so don't be afraid. Yes, we need to see how the price will move right now. We might see $2600 again in the coming weeks as investors will pour another cash flow to the bitcoin ecosystem.

I hope it is over if that is what you are saying. Bitcoin movement is really volatile and it hard to predict which direction will it go. For some, the dumping was scary as shit, because seeing your profit going to drain in a blink of an eye. Japan or South Korean will again pump the bitcoin again and let us see what will happen in the next days.

[Immakillya]

Dude, I'm crossing my fingers so the price will not fall until the $1600 because I'm going to have huge losses.

We will see how it will be in the next weeks, but I was already very happy when I saw $2600, ha ha ha

I thought the $3000 door was already open.

LOL. The dumping is over now dude. The price looks like holding at $2200 range, so don't be afraid. Yes, we need to see how the price will move right now. We might see $2600 again in the coming weeks as investors will pour another cash flow to the bitcoin ecosystem.

I hope it is over if that is what you are saying. Bitcoin movement is really volatile and it hard to predict which direction will it go. For some, the dumping was scary as shit, because seeing your profit going to drain in a blink of an eye. Japan or South Korean will again pump the bitcoin again and let us see what will happen in the next days.

Nope. Bitcoin still dumps and its not over yet, i guess. This is summer eeason. So i think it will weaken the bullish market. All altcoins are on.dump too. I guess people are taking some rests and sold their BTC. If you loss huge amount on this dump. Better hold them. Have patience.

[Siren]

Dude, I'm crossing my fingers so the price will not fall until the $1600 because I'm going to have huge losses.

We will see how it will be in the next weeks, but I was already very happy when I saw $2600, ha ha ha

I thought the $3000 door was already open.

LOL. The dumping is over now dude. The price looks like holding at $2200 range, so don't be afraid. Yes, we need to see how the price will move right now. We might see $2600 again in the coming weeks as investors will pour another cash flow to the bitcoin ecosystem.

I hope it is over if that is what you are saying. Bitcoin movement is really volatile and it hard to predict which direction will it go. For some, the dumping was scary as shit, because seeing your profit going to drain in a blink of an eye. Japan or South Korean will again pump the bitcoin again and let us see what will happen in the next days.

Nope. Bitcoin still dumps and its not over yet, i guess. This is summer eeason. So i think it will weaken the bullish market. All altcoins are on.dump too. I guess people are taking some rests and sold their BTC. If you loss huge amount on this dump. Better hold them. Have patience.

Cashing it out and taking a rest if that is what you mean. I'm seeing that it will be a bearish market for the next days or so. I'm happy seeing $2200 to be honest, I will take it any day. Better hold now and just observed the market and see where the trend goes and hope for the best.

[sonawer]

I think bitcoin go up till 10.000 till next 2 years.

[CrownPolly]

Dude, I'm crossing my fingers so the price will not fall until the $1600 because I'm going to have huge losses.

We will see how it will be in the next weeks, but I was already very happy when I saw $2600, ha ha ha

I thought the $3000 door was already open.

LOL. The dumping is over now dude. The price looks like holding at $2200 range, so don't be afraid. Yes, we need to see how the price will move right now. We might see $2600 again in the coming weeks as investors will pour another cash flow to the bitcoin ecosystem.

I hope it is over if that is what you are saying. Bitcoin movement is really volatile and it hard to predict which direction will it go. For some, the dumping was scary as shit, because seeing your profit going to drain in a blink of an eye. Japan or South Korean will again pump the bitcoin again and let us see what will happen in the next days.

Nope. Bitcoin still dumps and its not over yet, i guess. This is summer eeason. So i think it will weaken the bullish market. All altcoins are on.dump too. I guess people are taking some rests and sold their BTC. If you loss huge amount on this dump. Better hold them. Have patience.

Cashing it out and taking a rest if that is what you mean. I'm seeing that it will be a bearish market for the next days or so. I'm happy seeing $2200 to be honest, I will take it any day. Better hold now and just observed the market and see where the trend goes and hope for the best.

For today it would be very useful to buy Bitcoin even at the current price and this means that really anyone who has the money will do it necessarily. Even today such a useful purchase of the future will bring very good dividends.