BTC Weekly Analysis: Will It Break $4500?

[iamTom123]

Bitcoin price made a nice upside move this past week and traded towards the last high of $4470 against the US Dollar. The price traded as high as $4450 where it faced sellers and started a correction. The price traded below the 23.6% Fib retracement level of the last wave from the $4070 low to $4450 high. However, the downside move was contained by the $4250 support zone.

The 50% Fib retracement level of the last wave from the $4070 low to $4450 high at $4260 prevented declines. The price is now slowly moving higher above $4300, but lacking pace. There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD. The highlighted trend line support at $4280-4260 could play a major role for the next move in the near term.

As long as the price is above the $4280-4260 support area, it might retest the last swing high at $4450. On the flipside, if there is a break and close below $4250, the price could test $4100. Moreover, the 100 simple moving average on the same chart is near $4070, which is critical support. Overall, the next move depends whether the price can hold the trend line and support at $4250 or not.

Source is here.

I am quite optimistic that this coming week Bitcoin can be able to break the $4,500 wall and possibly rise into $4,600 before making a small correction again. This can be the trend for the coming weeks...a steady rise and then a bit of a decline. This is becoming like a normal behavior for Bitcoin...and I guess there are also people who are happy once it can get into a small dip so they buy Bitcoin at a lower rate...also providing many leeway for trades to make their profits.

Do you agree or you do have a different idea?

[HeRetiK]

I've been rather bearish the last few days, but seeing how strong the support is at ~ USD 4k,- I'm becoming more optimistic. I'm still not 100% convinced that we'll be able to break the USD 4.5k wall any time soon, but if we do I'm positive that we'll go quite a bit beyond, probably getting close to USD 5k,- before the next correction.

[Wind_FURY]

OP, we might see it stay in a range for a little while. The people are becoming a little cautious as Segwit2x could give us another unpredictably bad outcome. I hope it does not fork again. If it does, you should be aware that Segit2x does not have replay protection according to some Core developers. A lot of users will lose some Bitcoins if they are careless.

[michellee]

i am optimist that bitcoin will break $4500 soon, maybe in the end of august or early of September but its depend on how much people buy and sell and the market condition. if there is any good news, then I think the price will increase high and will break $4500 and we can reach more highest price.

[Kyraishi]

Bitcoin price made a nice upside move this past week and traded towards the last high of $4470 against the US Dollar. The price traded as high as $4450 where it faced sellers and started a correction. The price traded below the 23.6% Fib retracement level of the last wave from the $4070 low to $4450 high. However, the downside move was contained by the $4250 support zone.

The 50% Fib retracement level of the last wave from the $4070 low to $4450 high at $4260 prevented declines. The price is now slowly moving higher above $4300, but lacking pace. There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD. The highlighted trend line support at $4280-4260 could play a major role for the next move in the near term.

As long as the price is above the $4280-4260 support area, it might retest the last swing high at $4450. On the flipside, if there is a break and close below $4250, the price could test $4100. Moreover, the 100 simple moving average on the same chart is near $4070, which is critical support. Overall, the next move depends whether the price can hold the trend line and support at $4250 or not.

Source is here.

I am quite optimistic that this coming week Bitcoin can be able to break the $4,500 wall and possibly rise into $4,600 before making a small correction again. This can be the trend for the coming weeks...a steady rise and then a bit of a decline. This is becoming like a normal behavior for Bitcoin...and I guess there are also people who are happy once it can get into a small dip so they buy Bitcoin at a lower rate...also providing many leeway for trades to make their profits.

Do you agree or you do have a different idea?

$4500 isn't really that far away, it's only like $200 to go.

I think that we have a real shot at breaking $200 here. If it is going to happen, it's going to happen within this month or perhaps early next month. After that, we might not have another opportunity for $4500, because i think downward adjustments will be made to the price.

Even though i'm saying this i think that bitcoin's price is significantly over what it should be, and you should be cautious in investing anything into bitcoin right now. It's best to just cash out at least a percentage of what you own in bitcoin just to be safe. The bubble can pop any minute, it's just a matter of time. We might see more bullish activity but in the end there will be a big dump.

[RoommateAgreement]

i am expecting 2 scenarions:
1. price will start rising fast again and breaks $4500 and reaches near $5000 and even breaks that too.
this is what i mostly expect to happen. and the market is also very ready for this to happen.

2. there is always the possibility that it goes up to near last ATH ($4400ish) and tries to get near $4500 but fails. and that causes a sharp drop down to $4300 again and this process of rising and barely touching ATH and dropping continues for the next week.

in any case if the ATH broke i have no doubt that $5000 will be tested.

[iqlimasyadiqa]

i am optimist that bitcoin will break $4500 soon, maybe in the end of august or early of September but its depend on how much people buy and sell and the market condition. if there is any good news, then I think the price will increase high and will break $4500 and we can reach more highest price.

Bitcoin prices currently range from $4300 to $4400. Other than that the positive trend did have a good impact for bitcoin price movement. It is not impossible to see the bitcoin moving $100 within a few days, so late August and early september become possible dates to see bitcoin prices at $4500.

[alyssa85]

I am quite optimistic that this coming week Bitcoin can be able to break the $4,500 wall and possibly rise into $4,600 before making a small correction again. This can be the trend for the coming weeks...a steady rise and then a bit of a decline. This is becoming like a normal behavior for Bitcoin...and I guess there are also people who are happy once it can get into a small dip so they buy Bitcoin at a lower rate...also providing many leeway for trades to make their profits.

Do you agree or you do have a different idea?

I think it will either stay within the $4200-$4400 range, or drop below.

Investors are a bit nervous about this occilation in hashrate and the occilation in the transaction mempool. They're going to sit on their hands for a few weeks to see how it plays out before deciding whether to put more money in.

[carlfebz2]

Bitcoin price made a nice upside move this past week and traded towards the last high of $4470 against the US Dollar. The price traded as high as $4450 where it faced sellers and started a correction. The price traded below the 23.6% Fib retracement level of the last wave from the $4070 low to $4450 high. However, the downside move was contained by the $4250 support zone.

The 50% Fib retracement level of the last wave from the $4070 low to $4450 high at $4260 prevented declines. The price is now slowly moving higher above $4300, but lacking pace. There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD. The highlighted trend line support at $4280-4260 could play a major role for the next move in the near term.

As long as the price is above the $4280-4260 support area, it might retest the last swing high at $4450. On the flipside, if there is a break and close below $4250, the price could test $4100. Moreover, the 100 simple moving average on the same chart is near $4070, which is critical support. Overall, the next move depends whether the price can hold the trend line and support at $4250 or not.

Source is here.

I am quite optimistic that this coming week Bitcoin can be able to break the $4,500 wall and possibly rise into $4,600 before making a small correction again. This can be the trend for the coming weeks...a steady rise and then a bit of a decline. This is becoming like a normal behavior for Bitcoin...and I guess there are also people who are happy once it can get into a small dip so they buy Bitcoin at a lower rate...also providing many leeway for trades to make their profits.

Do you agree or you do have a different idea?

Talking on the quoted statement above I do agree on those technical analysis on what being mentioned since its really illustrating on how prices do moves and theres really a tough situation on which breaking the $4500 resistance do might need time even though we are only $200 away from that range I would say that maybe we would break that on either 1st week or 2nd week of September.

[1Referee]

It's not much of an achievement if we happen to reach $4500>$4600 in the coming days. I add more value and excitement to the fact that the market manages to maintain its position above the $4000 level quite comfortably. I expected a correction to take place, and still expect one to happen, but it yet has to kick in. Instead of a correction, the market seems to be in consolidation mode right now. In other words, there are plenty of outcomes possible when trying to analyze the market - only time will tell what will really happen.

[cramcram21]

I think it wouldn't break $4,500 for this week,
But who knows maybe something might come and change it maybe it could even surpass it.

[cybersofts]

Bitcoin price made a nice upside move this past week and traded towards the last high of $4470 against the US Dollar. The price traded as high as $4450 where it faced sellers and started a correction. The price traded below the 23.6% Fib retracement level of the last wave from the $4070 low to $4450 high. However, the downside move was contained by the $4250 support zone.

The 50% Fib retracement level of the last wave from the $4070 low to $4450 high at $4260 prevented declines. The price is now slowly moving higher above $4300, but lacking pace. There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD. The highlighted trend line support at $4280-4260 could play a major role for the next move in the near term.

As long as the price is above the $4280-4260 support area, it might retest the last swing high at $4450. On the flipside, if there is a break and close below $4250, the price could test $4100. Moreover, the 100 simple moving average on the same chart is near $4070, which is critical support. Overall, the next move depends whether the price can hold the trend line and support at $4250 or not.

Source is here.

I am quite optimistic that this coming week Bitcoin can be able to break the $4,500 wall and possibly rise into $4,600 before making a small correction again. This can be the trend for the coming weeks...a steady rise and then a bit of a decline. This is becoming like a normal behavior for Bitcoin...and I guess there are also people who are happy once it can get into a small dip so they buy Bitcoin at a lower rate...also providing many leeway for trades to make their profits.

Do you agree or you do have a different idea?

$4500 isn't really that far away, it's only like $200 to go.

I think that we have a real shot at breaking $200 here. If it is going to happen, it's going to happen within this month or perhaps early next month. After that, we might not have another opportunity for $4500, because i think downward adjustments will be made to the price.

Even though i'm saying this i think that bitcoin's price is significantly over what it should be, and you should be cautious in investing anything into bitcoin right now. It's best to just cash out at least a percentage of what you own in bitcoin just to be safe. The bubble can pop any minute, it's just a matter of time. We might see more bullish activity but in the end there will be a big dump.

Yes, the interval is not far.
It's only $140 interval to $4500.
The change may happen in minutes.
Bitcoin value is reaching $4500 in a matter of minutes.
So, there's no big deal! Keep calm and buy more bitcoins.

[makishart]

I think it wouldn't break $4,500 for this week,
But who knows maybe something might come and change it maybe it could even surpass it.

Not for this week but for the next month for sure, I believe the segwit 2x will make the japan try to hype the bitcoin again, because that will give a crucial increase to the bitcoin network.
I just waiting for that to sell my coin and buy again in the cheap price. In middle of september segwit 2x will be activated.

[laredo7mm]

We are already sitting at $4300 level so I don't think that it will take much time to cross the price level of $4500 in coming weeks and if it happens then I will still prefer to hold it and wait till it achieves the price of $5k as my target is to sell my coins when it reaches to that level as at that point I will be making huge profits on my investment.

[webtricks]

When Bitcoin is $4350 and had been to $4470 during last week, I don't feel $4500 has much relevance or it is some big milestone for Bitcoin rally.

We are already sitting at $4300 level so I don't think that it will take much time to cross the price level of $4500 in coming weeks and if it happens then I will still prefer to hold it and wait till it achieves the price of $5k as my target is to sell my coins when it reaches to that level as at that point I will be making huge profits on my investment.

Well greed is something which is not easy to control for human beings. I am sure if it hit $5k in no time, you will surely urge for more. In order to control such feelings  always set targets before investing.

[Pursuer]

When Bitcoin is $4350 and had been to $4470 during last week, I don't feel $4500 has much relevance or it is some big milestone for Bitcoin rally.

it is not a milestone it is more of a resistance that when it is finally broken, we can expect higher prices than the previous ATH. this is how they say, the previous resistance becomes the new support. and that will be the case here. when the previous ATH is broken and price goes above it, you can expect a rise bigger than that ATH and finally a new record for price history.

but as long as price is under it, bitcoin will remain this way, trying to break, failing and dropping to start over again. this happens in about a $200-$300 range below it. ($4470-$4180

[hello_good_sir]

Bitcoin price made a nice upside move this past week and traded towards the last high of $4470 against the US Dollar. The price traded as high as $4450 where it faced sellers and started a correction. The price traded below the 23.6% Fib retracement level of the last wave from the $4070 low to $4450 high. However, the downside move was contained by the $4250 support zone.

The 50% Fib retracement level of the last wave from the $4070 low to $4450 high at $4260 prevented declines. The price is now slowly moving higher above $4300, but lacking pace. There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD. The highlighted trend line support at $4280-4260 could play a major role for the next move in the near term.

As long as the price is above the $4280-4260 support area, it might retest the last swing high at $4450. On the flipside, if there is a break and close below $4250, the price could test $4100. Moreover, the 100 simple moving average on the same chart is near $4070, which is critical support. Overall, the next move depends whether the price can hold the trend line and support at $4250 or not.

Source is here.

I am quite optimistic that this coming week Bitcoin can be able to break the $4,500 wall and possibly rise into $4,600 before making a small correction again. This can be the trend for the coming weeks...a steady rise and then a bit of a decline. This is becoming like a normal behavior for Bitcoin...and I guess there are also people who are happy once it can get into a small dip so they buy Bitcoin at a lower rate...also providing many leeway for trades to make their profits.

Do you agree or you do have a different idea?

The main resistance seems to be $4400 or $4500 here.

I don't think that traders are motivated enough to pump up the price much further from this point onwards. It could be likely that this week we could see the establishment of $4500 as a price "floor" but i don't think it's very likely. Next week i think we will see another pump, perhaps pushing bitcoin over the $4500 mark, but then an adjustment will come to pull down the price to around $4000.

A lot of sideways movement and i expect by the end of this week the price just staying around the same margin as right now($4100-$4200) instead of moving much. Technical analysis is good, but it doesn't take into account people's emotions.

[magneto]

Bitcoin price made a nice upside move this past week and traded towards the last high of $4470 against the US Dollar. The price traded as high as $4450 where it faced sellers and started a correction. The price traded below the 23.6% Fib retracement level of the last wave from the $4070 low to $4450 high. However, the downside move was contained by the $4250 support zone.

The 50% Fib retracement level of the last wave from the $4070 low to $4450 high at $4260 prevented declines. The price is now slowly moving higher above $4300, but lacking pace. There is a crucial bullish trend line with support at $4280 forming on the 4-hours chart of BTC/USD. The highlighted trend line support at $4280-4260 could play a major role for the next move in the near term.

As long as the price is above the $4280-4260 support area, it might retest the last swing high at $4450. On the flipside, if there is a break and close below $4250, the price could test $4100. Moreover, the 100 simple moving average on the same chart is near $4070, which is critical support. Overall, the next move depends whether the price can hold the trend line and support at $4250 or not.

Source is here.

I am quite optimistic that this coming week Bitcoin can be able to break the $4,500 wall and possibly rise into $4,600 before making a small correction again. This can be the trend for the coming weeks...a steady rise and then a bit of a decline. This is becoming like a normal behavior for Bitcoin...and I guess there are also people who are happy once it can get into a small dip so they buy Bitcoin at a lower rate...also providing many leeway for trades to make their profits.

Do you agree or you do have a different idea?

I think that we are going to go up a bit more and then potentially have a pretty big dump coming at us.

$4500 is only a few hundred dollars away and i think that given your reasoning turns out to be correct then there is no reason why it cannot achieve that sort of price level. After all people's greed seem to be completely taking over at this point and there is really no limits to how fast or how far btc can rise until it comes crashing down.

My advice would be at least diversify your portfolio so you're not just holding btc only. Cash out some, buy some alts, don't just have everything in bitcoin because if btc doesn't break the $4500 barrier then you'd be screwed.

[Fredomago]

We are already sitting at $4300 level so I don't think that it will take much time to cross the price level of $4500 in coming weeks and if it happens then I will still prefer to hold it and wait till it achieves the price of $5k as my target is to sell my coins when it reaches to that level as at that point I will be making huge profits on my investment.

we always making speculations and most of the time bitcoin never failed us so im also in that same shoes where i'm seeing that bitcoin can reach 4500$
or maybe past it this coming weekends as we seen that supports level are showing strong lets aim for much bigger but maybe more time for bitcoin to
cross 5000$ mark.

[alyssa85]

The main resistance seems to be $4400 or $4500 here.

I don't think that traders are motivated enough to pump up the price much further from this point onwards. It could be likely that this week we could see the establishment of $4500 as a price "floor" but i don't think it's very likely. Next week i think we will see another pump, perhaps pushing bitcoin over the $4500 mark, but then an adjustment will come to pull down the price to around $4000.

A lot of sideways movement and i expect by the end of this week the price just staying around the same margin as right now($4100-$4200) instead of moving much. Technical analysis is good, but it doesn't take into account people's emotions.

The volume seems to have dropped too. I think this bull run is exhausted and will pull back.