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Bitcoin (BTC) Price Weekly Forecast: Bulls Preparing For Larger Rally

  • There is a strong resistance forming for bitcoin near the 8,200-8,300 area against the US Dollar.
  • The price is placed nicely above the $7,840 and $7,600 support levels.
  • There is a crucial contracting triangle forming with resistance near $8,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to break higher and surge once it clears the key $8,300 resistance area.

Bitcoin price is holding gains above $7,800 and $8,000 against the US Dollar. BTC seems to be setting up for a monster bullish break above $8,300 in the near term.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin price corrected lower below $7,660 against the US Dollar. The BTC/USD pair even broke the $7,600 support level and traded as low as $7,474. However, dips remain protected and the price recently bounced back above $7,600 and $7,800. There was a strong upward move above the $8,000 level and the price remained well above the 100 simple moving average (4-hours). The price tested the $8,200 resistance level and it is currently correcting gains.

An immediate support is near the $7,950 level. The main support is near the $7,840 level, and the 23.6% Fib retracement level of the recent wave from the $7,474 low to $8,200 high. More importantly, it seems like there is a crucial contracting triangle forming with resistance near $8,200 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the triangle support at $7,840, the price could test the $7,600 support. The 100 simple moving average (4-hours) is also near the $7,600 level.

If there is a daily close below the $7,600 and $7,500 levels, the price may perhaps start a strong downward move. Conversely, if there is an upside break above the $8,200 resistance, the price could start a strong rally. The next immediate resistance is at $8,300, above which the next target might be $8,500 or $8,800.

Bitcoin Price Weekly Analysis (BTC)

Looking at the chart, bitcoin price is clearly forming a crucial breakout pattern with resistance near $8,200. A successful close above the $8,200 and $8,300 resistances is likely to start a strong upward move. If the bulls continue to struggle near $8,200 or $8,300, there might be a fresh decline. On the downside, the $7,500 support area holds the key. A successful close below $7,500 is likely to push the bulls on the back foot.

Technical indicators

4 hours MACD – The MACD for BTC/USD is likely to move into the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the level 50 and it could move higher.

Major Support Level – $7,500

Major Resistance Level – $8,300

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Bitcoin (BTC) Price Smashes Resistance: Bulls Target Fresh High

  • Bitcoin price started a strong rise above the $7,800 and $8,000 resistances against the US Dollar.
  • The price gained traction and even traded close to the $8,200 resistance area.
  • This week’s followed important declining channel was breached near $7,960 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently forming a triangle pattern and it could continue higher above $8,150 and $8,200.

Bitcoin price jumped back into a positive zone above $7,800 against the US Dollar. BTC is currently forming a bullish pattern and it may continue to rise towards $8,300 an 8,500 in the near term.

Bitcoin Price Analysis

Recently, we saw a strong bounce in bitcoin price from the $7,475 swing low against the US Dollar. The BTC/USD pair surged higher and broke many hurdles near $7,700 and $7,800. There was even a break above the $8,000 level and the 100 hourly simple moving average. It seems like the bulls are back in action and the price completed a downside correction near the $7,500 support area. This also suggests that there are chances of more gains above the $8,200 level.

Recently, this week’s followed important declining channel was breached near $7,960 on the hourly chart of the BTC/USD pair. The pair spiked towards the $8,200 level and formed an intraday high at $8,180. The price is currently consolidating gains above $8,000. Moreover, it traded below the $8,100 level and the 23.6% Fib retracement level of the upward move from the $7,475 low to $8,180 high. However, the broken resistance near the $7,960 and $8,000 levels is currently acting as a strong support.

Besides, the pair is currently forming a triangle pattern with resistance near $8,050 on the same chart. Therefore, if the pair clears the triangle resistance and surges above $8,100, there could be solid gains in the coming sessions. The next key resistances area near the $8,200 and $8,300 levels. Above these, the price is likely to trade to a new 2019 high.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly jumped back into a positive zone above $7,800. It is currently consolidating gains above the $8,000 level and the 100 hourly SMA. If there is a downside break below the 100 hourly SMA, the price could correct lower towards the $7,710 level. Below $7,710, the next key support is close to the $7,650 level.

Technical indicators:

Hourly MACD – The MACD is currently in the bearish zone, but it could move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is holding the main 50 level, with a few positive signs.

Major Support Levels – $7,800 followed by $7,710.

Major Resistance Levels – $8,050, $8,200 and $8,300.

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Bitcoin (BTC) Price Facing Uphill Task: Another Dip Before Higher?

  • Bitcoin price declined recently and tested the key $7,500 support area against the US Dollar.
  • The price rebounded and traded above the $7,780 and $7,850 resistance levels.
  • Yesterday’s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could drop once again towards the $7,720 support area before it starts a fresh increase.

Bitcoin price rebounded nicely above $7,700 and $7,850 against the US Dollar. However, BTC is facing a strong resistance and it could decline again before the bulls take control.

Bitcoin Price Analysis

Yesterday, we saw a major downside correction in bitcoin price below the $7,850 support against the US Dollar. The BTC/USD pair traded below the $7,720 support level and the 100 hourly simple moving average. Besides, it broke the key $7,660 support and tested the $7,500 support area. A swing low was formed at $7,475 and the price recently rebounded nicely above $7,660. The bulls pushed the price above the $7,720 and $7,850 resistance levels.

However, it seems like the price is struggling to gain momentum above $7,950 and $8,000. Moreover, yesterday’s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC/USD pair. The recent high was at $7,994 and the price is currently moving lower. An immediate support is near $7,800, below which the price could test the 50% Fib retracement level of the upward move from the $7,475 low to $7,994 high. The current price action indicates that the price is facing a strong resistance near $7,980 and $8,000.

If there is a successful close above $8,000, the price could start a solid rise towards the $8,200 and $8,300 resistance levels. Conversely, there is a risk of another drop below $7,800. The main support is near $7,670, and the 61.8% Fib retracement level of the upward move from the $7,475 low to $7,994 high.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price rebounded nicely from the $7,475 level. However, the $8,000 barrier stopped upsides and it might start a fresh decline below $7,800. Once the current correction is complete near $7,670 or $7,600, the price is likely to climb back sharply. In the mentioned case, the price may perhaps surpass the $8,000 resistance. The next key resistances on the upside are near $8,200, $8,300 and $8,500.

Technical indicators:

Hourly MACD – The MACD is about to move back in the bearish zone, with a few negative signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower and it could test the 50 level.

Major Support Levels – $7,670 followed by $7,600.

Major Resistance Levels – $7,950, $7,980 and $8,000.

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Bitcoin (BTC) Price Uptrend Pauses But Not Out of Woods Yet

  • Bitcoin price is currently under pressure below the $7,800 support area against the US Dollar.
  • The price declined recently and it is currently trading just above the $7,500 support area.
  • There is a major declining channel in place with resistance at $8,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline a few points and there might be a strong bounce from $7,420 or $7,200.

Bitcoin price is slowly moving lower towards key supports against the US Dollar. BTC is likely to bounce back from the $7,400 or $7,200 support levels in the near term.

Bitcoin Price Analysis

Recently, bitcoin price struggled to break the $8,100 and $8,050 resistance levels against the US Dollar. The BTC/USD pair failed near $8,050 recently and started a downward move below $8,000 and $7,940. The price is currently under pressure and it broke the $7,800 support area. It even traded below the $7,660 support level and the 100 hourly simple moving average. Finally, there was a break below the $7,600 support and a new swing low was formed at $7,516.

The price is currently consolidating, with an initial resistance is near the $7,780 level. It represents the 50% Fib retracement level of the recent decline from the $8,052 high to $7,516 low. Above $7,780, the price could test the $7,900 resistance level. Moreover, the 100 hourly simple moving average is close to the $7,900 level to prevent upsides. The 76.4% Fib retracement level of the recent decline from the $8,052 high to $7,516 low is also near the $7,925 level. Therefore, the $7,900 area could act as a strong resistance.

More importantly, there is a major declining channel in place with resistance at $8,000 on the hourly chart of the BTC/USD pair. On the downside, the main support is near $7,500, below which the price could test the $7,425 support area. Below $7,425, the price will most likely revisit the key $7,220 support area.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is currently facing an increase in selling pressure below the $7,800 support area. The price might correct higher, but sellers may remain active near the $7,780, $7,800 and $7,900 levels. On the downside, the bulls are likely to protect the $7,500 and $7,400 support levels. In the worst case scenario, the price could test the $7,220 support area before starting a solid increase.

Technical indicators:

Hourly MACD – The MACD is likely to move back in the bullish zone, with a few negative signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 40 level, with a flat structure.

Major Support Levels – $7,500 followed by $7,425.

Major Resistance Levels – $7,780, $7,900 and $8,000.

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Bitcoin (BTC) Price Trading Sideways: Bulls Eyeing Fresh Increase

  • Bitcoin price failed to gain momentum above $8,150 and $8,200 against the US Dollar.
  • The price is slowly moving lower in a range and it could test the $7,700 or $7,660 support.
  • This week’s followed key bullish trend line was breached with support near $7,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may continue to trade in a range before a fresh increase above the $8,000 and $8,150 levels.

Bitcoin price is struggling to climb further higher within range against the US Dollar. BTC might decline in the short term before a fresh rise above the $8,200 resistance.

Bitcoin Price Analysis

In the past few sessions, there were swing moves in bitcoin price below the $8,200 resistance area against the US Dollar. The BTC/USD pair recently climbed from the $7,578 swing low to $8,172. However, the pair failed to climb further higher and started a fresh decline below the $8,150 level. There was a break below the $8,050 support and the 50% Fib retracement level of the last wave from the $7,578 swing low to $8,172 high. Moreover, there was a break below the key $8,000 support area.

More importantly, this week’s followed key bullish trend line was breached with support near $7,980 on the hourly chart of the BTC/USD pair. The pair tagged the $7,820 level and the 61.8% Fib retracement level of the last wave from the $7,578 swing low to $8,172 high. The main supports on the downside are near $7,820 and $7,800. Besides, the 100 hourly simple moving average is also near the $7,800 level to prevent a downside break. If there are more losses, the price could revisit the key $7,660 and $7,620 support levels.

On the upside, an immediate resistance is near the $8,000 level. A successful break above the $8,000 barrier could push the price towards the $8,150 level. Having said that, the price could start a strong upward move if it climbs above the $8,200 level in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be trading in a broad range above the $7,600 pivot level. In the short term, there could be range moves, but the price is likely to grind higher towards the $8,000 and $8,200 levels in the coming sessions. The key resistances are $8,280 and $8,300, above which the price might surge towards the $8,500 resistance level.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone, with a few negative signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level, with a bearish angle.

Major Support Levels – $7,800 followed by $7,660.

Major Resistance Levels – $8,000, $8,120 and $8,200.