Friday, August 23, 2019

Bitcoin (BTC) Price Weekly Forecast: Technical Bias Signaling Fresh Increase

This post was originally published here

There was a sharp decline in bitcoin price after it spiked above the $9,000 level against the US Dollar.The price declined below the $8,600 support and tested the key $8,000 support area.There was a break below a major bullish trend line with support near $8,540 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair tested the $8,000 support area ad recently bounced back above $8,400 and $8,500.Bitcoin price recovered sharply after a major drop to $8,000 against the US Dollar. BTC is currently consolidating gains and it seems to be preparing for the next wave.Bitcoin Price Weekly Analysis (BTC)This past week, bitcoin price remained in a positive zone and climbed above $8,800 against the US Dollar. The BTC/USD pair even broke the $9,000 resistance level and traded to a new 2019 high. A swing high was formed near $9,090, but the price failed to stay above the $9,000 level. As a result, there was a sharp decline below the $8,800 and $8,6000 support levels.Moreover, there was a break below a major bullish trend line with support near $8,540 on the 4-hours chart of the BTC/USD pair. The decline was strong as the price even broke the $8,200 level. The price tested the key $8,000 support area and the 100 simple moving average (4-hours). It seems like the 100 simple moving average (4-hours) acted as a strong support near $8,000. The price bounced back above $8,400 and $8,500. There was a break above the 23.6% Fib retracement level of the recent decline from the $9,093 high to $7,990 swing low.The price even traded a few points above the $8,600 level. At the moment, the price is consolidating near the 50% Fib retracement level of the recent decline from the $9,093 high to $7,990 swing low. On the upside, an initial resistance is near the $8,650. If there is a clear break above $8,650 and $8,700, the price is likely to gain bullish momentum.Looking at the chart, bitcoin price clearly recovered above the $8,500 level and is currently trading with a positive zone. If there is an upside break, the price could continue above $8,700. The next key resistance is near $8,880, and the 76.4% Fib retracement level of the recent decline from the $9,093 high to $7,990 swing low. On the downside, the main support levels are near $8,500 and $8,400.Technical indicators4 hours MACD – The MACD for BTC/USD is slowly moving in the bullish 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 – $8,400Major Resistance Level – $8,700

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Name Price24H (%)
Bitcoin (BTC)
$10,376.98
2.09%
Ethereum (ETH)
$193.95
0.04%
XRP (XRP)
$0.276174
1.55%
Litecoin (LTC)
$75.15
1.48%
Stellar (XLM)
$0.068840
-0.88%
Monero (XMR)
$82.98
0.35%
EOS (EOS)
$3.68
-0.19%
Bitcoin Cash (BCH)
$310.84
-0.21%

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