Bitcoin (BTC) Price Weekly Forecast: Risk Of Additional Losses
- There was a fresh decrease initiated in bitcoin from the $10,400 resistance against the US Dollar.
- The price is currently trading below the $10,100 support area, with a bearish angle.
- There was a break below a crucial contacting triangle with support near $10,010 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to extend its decline and it may soon revisit the $9,650 and $9,500 supports.
Bitcoin price is trading with a bearish bias below $10,400 against the US Dollar. BTC could continue to move down towards the main $9,500 support area.
Bitcoin Price Weekly Analysis (BTC)
This past week, there were swing moves in BTC below the $10,400 resistance area against the US Dollar. The BTC/USD pair declined sharply below the $10,000 support and tested the $9,650 level. Later, it bounced back above the $10,000 level and $10,200 levels. However, the price struggled to break the $10,400 resistance area and the 100 simple moving average (4-hours).
As a result, a short term top was formed near $10,383 and the price started a fresh decline. It broke the $10,200 support and settled well below the 100 SMA. Additionally, there was a break below the 50% Fib retracement level of the last major wave from the $9,637 low to $10,383 high. More importantly, there was a break below a crucial contacting triangle with support near $10,010 on the 4-hours chart of the BTC/USD pair.
The pair is now trading well below the $10,000 level and is moving with a bearish angle. An immediate support is near the $9,800 level. It coincides with the 76.4% Fib retracement level of the last major wave from the $9,637 low to $10,383 high. If there are more downsides, bitcoin price could revisit the $9,650 support area. The main support area is near the $9,500 and $9,400 levels, below which there could be a sharp drop to $9,000.
On the upside, the recent support near the $10,100 level might act as a resistance. The key resistances are near $10,300, $10,400 and the 100 simple moving average (4-hours). To start a solid upward move, the price must settle above the $10,400 resistance and the 100 simple moving average (4-hours).
Looking at the chart, bitcoin price is clearly struggling to gain bullish momentum above $10,200 and $10,300. Therefore, there is a risk of additional losses below the $9,800 and $9,650 support levels.
Technical indicators
4 hours MACD – The MACD for BTC/USD is currently gaining strength in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level, with bearish signs.
Major Support Level – $9,500
Major Resistance Level – $10,400
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Aayush Jindal, Khareem Sudlow
