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BTC / USD Technical Analysis – Summary of Bitcoin Weekly Development – Will We Grow Next?

2 min read
BTC / USD Technical Analysis - Summary of Bitcoin Weekly Development - Will We Grow Next?

In today’s article, we look at Bitcoin and its weekly growth from $ 4420 to $ 7100. Will growth continue this week, or will we look below $ 5,000?

 

[BTC / USD] In 2020 to present value: -15%

 

Bitcoin was less than USD 4,000 a week ago. Today, the situation is different, and currently the price of BTC, at the time of writing, is around $ 6,000. Bitcoin fell by 2.5%. As you can see in the chart, we have successfully broken through the former resistance at $ 6,000.

 

The graph shows the confirmation of the new support. Certainly many of you will be interested in how Bitcoin will be in the coming days. There were 2 reasons for growth this week. Firstly, we see the confirmation of support at $ 6,000 and another reason is a clean break trought of the previous cycle when we failed. Currently more analysts are inclined to increasing bitcoin. And also investors.

 

BTC / USD Technical Analysis - Summary of Bitcoin Weekly Development - Will We Grow Next?

 

But there is one big ATTENTION! World markets will reopen on today. Last week, as world markets have calmed down, we see that Bitcoin has a decent room for growth. This week we saw many central bank measures to support the economies of the states affected by coronavirus in Europe, Asia, and also the Fed’s intervention in the US. But these financial support can only be short-term patches for the economy and world markets. If the situation with coronavirus fails, these short-term, good news will not help and world markets will fall again, which will also affect Bitcoin’s drop. Nothing is won yet.

 

BTC / USD Technical Analysis - Summary of Bitcoin Weekly Development - Will We Grow Next?

 

Halving is expected to take place on May 15, 2020. This may also entice investors to open long positions, but it must be added that we must take into account the possible recession in the world economy and the health crisis.

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