Bitcoin (BTC) Price Weekly Forecast: $10K Holds Key For Recovery

There was a major downward move below the $10,000 support in bitcoin price against the US Dollar.
The price is currently correcting higher, but upsides remain capped near $9,800 and $10,000.
There is a major bearish trend line forming with resistance near $9,980 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
There could be a short term upside correction, but the bulls are likely to struggle near $10,000.

Bitcoin price is facing a lot of hurdles on the upside near $10,000 against the US Dollar. BTC remains sell on rallies as long as it is trading below the $10,000 resistance.

Bitcoin Price Weekly Analysis (BTC)

In the last weekly forecast, we discussed the possibilities of a downward move below $10,000 in bitcoin price against the US Dollar. The BTC/USD pair did move down and broke the key $10,000 and $9,800 support levels. Moreover, there was a close below the $10,000 pivot and the 100 simple moving average (4-hours). Finally, there was a break below the $9,800 and $9,500 supports as well.

A new monthly low was formed near $9,300 and the price is currently consolidating losses. It is testing the 23.6% Fib retracement level of the recent decline from the $10,717 high to $9,308 low. However, there are many hurdles on the upside near the $9,800 and $9,900 levels. Additionally, there is a major bearish trend line forming with resistance near $9,980 on the 4-hours chart of the BTC/USD pair.

Moreover, the 50% Fib retracement level of the recent decline from the $10,717 high to $9,308 low is also near the $10,010 level. Therefore, upsides are likely to remain capped near the $9,800 and $10,000 levels. Above the trend line, the 100 SMA is waiting near the $10,150 level. The 61.8% Fib retracement level of the recent decline from the $10,717 high to $9,308 low is also waiting near the $10,170 level.

On the downside, an immediate support is near the $9,500 level. If there is a downside break below the $9,500 support, the price may continue to move down below the last swing low at $9,300. The next key supports are near the $9,100 and $9,000 levels.

Looking at the chart, bitcoin price is clearly trading in a downtrend below $10,000. In the short term, there could be an upside correction, but the $9,800 and $10,000 levels are likely to act as major sell zones in the coming sessions.

Technical indicators

4 hours MACD The MACD for BTC/USD is slowly moving into the bullish zone.

4 hours RSI (Relative Strength Index) The RSI for BTC/USD is slowly rising towards the 50 level.

Major Support Level $9,500

Major Resistance Level $10,000

The post Bitcoin (BTC) Price Weekly Forecast: $10K Holds Key For Recovery appeared first on NewsBTC.

31.08.2019 / 22:30 24
Bitcoin (BTC) Price Weekly Forecast: Remains Sell Until This Changes Bitcoin (BTC) Price Weekly Forecast:
There was a downside extension in bitcoin price below the $10,000 support against the US Dollar. The price is currently consolidating and is facing
Bitcoin (BTC) Price Weekly Forecast: Decline Far From Over Bitcoin (BTC) Price Weekly Forecast:
There was a strong drop in bitcoin price below the $10,500 support against the US Dollar. The price is currently correcting losses, but it remains
Bitcoin (BTC) Price Weekly Forecast: Can Bulls Aim $11.5K? Bitcoin (BTC) Price Weekly Forecast:
There was a decent rise in bitcoin price above the $10,500 resistance level against the US Dollar. The price climbed higher and even broke the key
Ethereum Price Weekly Forecast: ETH Bulls Facing Uphill Task Ethereum Price Weekly Forecast: ETH
ETH price remained supported above the $200 level and recovered slightly support against the US Dollar. The price climbed above $220, but it faced a
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
Bitcoin Cash Price Weekly Analysis  BCH/USD Upsides Remain Capped Bitcoin Cash Price Weekly Analysis
Key Points Bitcoin cash price found support around the $1,275 level after a major decline against the US Dollar. There is a major bearish trend line
Comments (0)
Add a comment
Comment on