Bitcoin (BTC) Price Weekly Forecast: Vulnerable Below $8K-$8.2K

2019-10-20 07:38

There was a steady decline in bitcoin price below the $8,200 support against the US Dollar. The price is currently trading below $8,000 and it remains at a risk of more losses. There is a major bearish trend line forming with resistance near $8,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The price must climb above $8,100 and $8,200 for bullish continuation in the near term.

Bitcoin price is showing bearish signs below $8,000 against the US Dollar. BTC could extend its decline below the $7,800 support area in the near term.

Bitcoin Price Weekly Analysis (BTC)

In the past few days, BTC followed a bearish path below the $8,400 and $8,250 levels against the US Dollar. The BTC/USD pair even settled below the $8,200 support and the 100 simple moving average (4-hours). Finally, there was a break below the $8,000 support and a new monthly low was formed near $7,822. The price is currently consolidating losses and is trading below the $8,000 support.

An immediate resistance is near the $8,000 level or the 23.6% Fib retracement level of the recent decline from the $8,475 swing high to $7,822 low. On the upside, there are many hurdles near the $8,100 and $8,200 levels. Moreover, there is a major bearish trend line forming with resistance near $8,100 on the 4-hours chart of the BTC/USD pair.

Besides, the 50% Fib retracement level of the recent decline from the $8,475 swing high to $7,822 low is also near the $8,150 level. Finally, 100 simple moving average (4-hours) is positioned near the $8,200 level. Therefore, bitcoin price must surpass the $8,100 and $8,200 resistance levels to start a decent recovery. Additionally, a close above the $8,200 barrier and the 100 SMA is needed for more upsides.

On the downside, the key support is near the $7,800 level. If there is a downside break below the $7,800 support, the price could continue to decline in the near term. The next major support is near the $7,500 level, below which there is a risk of more losses towards $7,200.

Looking at the chart, bitcoin price is clearly trading in a bearish zone below the $8,000 pivot level and the $8,200 resistance. Therefore, a convincing break above $8,000 and a follow through above $8,200 is required for a strong recovery. If not, the price is likely to test the $7,500 support area.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving back into the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering and it could break the 40 level.

Major Support Level – $7,800

Major Resistance Level – $8,200

The post Bitcoin (BTC) Price Weekly Forecast: Vulnerable Below $8K-$8.2K appeared first on NewsBTC.

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below price btc bitcoin 8k- weekly forecast

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Octagon Strategy is a privately-owned commodity and digital asset trading firm. Speaking to CNBC July 1, Ryan Rabaglia, the head trader, dismissed the current downward price pressure on Bitcoin markets, which last week took prices below $6000

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2018-7-2 17:38