Bitcoin Weekly Forecast: BTC Won't Go Quietly, Risk of Bounce Grows

After forming a base above $7,000, bitcoin price climbed above the $7,500 resistance against the US Dollar.
The price is currently correcting gains and it is trading below the $7,440 level.
There is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The price is likely to stay above the $7,220 support and it could rally above the $7,500 resistance.

Bitcoin price is trading above a couple of important supports against the US Dollar. BTC is likely to rally and it could surge above the $7,500 resistance as long as above $7,000.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin remained well bid above the $7,000 and $7,080 support levels against the US Dollar. BTC price formed a support base above $7,220 and started a decent recovery wave.

The price climbed above the $7,400 resistance and the 100 simple moving average (4-hours). Moreover, the price surpassed the $7,500 and $7,550 resistance levels. A high was formed near the $7,630 and the price is currently correcting lower.

There was a break below the $7,500 pivot level. Besides, the price traded below the 23.6% Fib retracement level of the upward wave from the $7,084 low to $7,630 high.

On the downside, an immediate support is near the $7,360 level. Additionally, the 50% Fib retracement level of the upward wave from the $7,084 low to $7,630 high is also near the $7,360 level.

The first important support is near the $7,300 level (the previous breakout resistance zone) and the 100 simple moving average (4-hours). Therefore, a downside break below the $7,320 support could increase selling pressure on bitcoin.

The next major support is near the $7,220 level. Any further losses may perhaps lead the price towards the $7,080 support area, below which there is a risk a drop below $7,000.

On the upside, the price is facing a lot of hurdles near the $7,500 level. More importantly, there is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the $7,520 resistance, the price could even rally above the $7,630 high.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above a couple of key supports near $7,220 and $7,080. Thus, there are high chances of an upside break above $7,530 unless the bulls fail to keep the price above $7,220 and $7,080.