Bitcoin (BTC) Price Weekly Forecast: Risk of Extended Drop To $8,880

There was a major drop in bitcoin price after it broke the $12,000 support against the US Dollar.
The price is currently holding the key $10,800 support area, but it remains at a risk of more losses.
There was a break below a key bullish trend line with support at $12,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could extend losses towards the $8,880 level if there is a successful break below $10,800.

Bitcoin price is holding the key $10,800 support area against the US Dollar. Having said that, BTC remains at a risk of more losses if there is no break above $11,600 and $12,000.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin price declined heavily below the $12,200 and $12,000 support levels against the US Dollar. The BTC/USD pair even broke the $11,500 support and settled below the 100 simple moving average (4-hours). However, the bulls were able to hold the key $10,800 and $11,000 support levels (as forecasted in the recent analysis).

The recent drop from the $13,182 swing high was initiated once there was a break below a key bullish trend line with support at $12,100 on the 4-hours chart of the BTC/USD pair. The pair even broke the 50% Fib retracement level of the upward move from the $9,708 low to $13,182 swing high. It opened the doors for more losses and the price even spiked below the $11,000 level.

However, the $10,800 support level holds the key and is protecting more losses. Moreover, there was no close below the 61.8% Fib retracement level of the upward move from the $9,708 low to $13,182 swing high. On the upside, an initial resistance is near the $11,500 level and the 100 simple moving average (4-hours). Above the 100 SMA, the price could face a strong resistance near the $12,000 level.

If there is a successful close above $12,000, the price could start a fresh increase towards the $12,400 and $12,500 levels. Conversely, if the bulls fail near $11,500 or $12,000, there could be another dip. More importantly, there is a risk of a downside break below the key $10,800 support area. In the mentioned case, the price could test the $8,880 support area. It represents the 1.236 Fib extension level of the upward move from the $9,708 low to $13,182 swing high.

Looking at the chart, bitcoin price is clearly struggling to rebound above $12,000 and it could extend losses towards the $8,880 level if there is a successful break below $10,800.

Technical indicators

4 hours MACD The MACD for BTC/USD is slowly moving in the bearish zone.

4 hours RSI (Relative Strength Index) The RSI for BTC/USD is currently well below the 50 level.

Major Support Level $10.800

Major Resistance Level $12,000

The post Bitcoin (BTC) Price Weekly Forecast: Risk of Extended Drop To $8,880 appeared first on NewsBTC.

13.07.2019 / 22:20 60
Ethereum Price (ETH) Holding Crucial Support: Next Key Break Nearby Ethereum Price (ETH) Holding Crucial
ETH price remained in a bearish zone after it settled below the $280 support against the US Dollar. The price declined heavily and recently tested
Ethereum (ETH) Price Weekly Forecast: More Downsides Likely Ethereum (ETH) Price Weekly Forecast:
ETH price failed to gain momentum above $250 and $252 against the US Dollar. The price is currently well below $250 and it remains at a risk of more
Ethereum Price Analysis: ETH Tumbles, $100 Support At Risk Ethereum Price Analysis: ETH Tumbles,
ETH price declined sharply and broke the $105 support area against the US Dollar. There was a break below a major bullish trend line with support at
Ethereum Price Analysis: ETH Sinks Below Key Support, Could Extend Losses Ethereum Price Analysis: ETH Sinks
ETH price failed to gain strength and declined heavily below the $118 support against the US Dollar. There is a major bearish trend line formed with
Bitcoin Price Weekly Analysis: BTC/USD Remains At Risk Below $6,300 Bitcoin Price Weekly Analysis: BTC/USD
Key Points Bitcoin price started a downside correction after climbing as high as $6,554 against the US Dollar. There was a break below a major
Bitcoin Cash Price Weekly Analysis: BCH/USD Could Decline to $440 Bitcoin Cash Price Weekly Analysis:
Key Points Bitcoin cash price is under a lot of pressure as it broke the $500 support against the US Dollar. There was a break below a major bullish
Comments (0)
Add a comment
Comment on