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Bitcoin Weekly Forecast: BTC Price Turned Sell On Rallies
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Weekly Forecast: BTC Price Turned Sell On Rallies

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read

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  • After settling below $9,000, bitcoin declined steadily against the US Dollar.
  • The price is under a lot of pressure below the $8,700 and $8,650 resistance levels.
  • There is a crucial bearish trend line forming with resistance near $8,630 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price could correct higher, but it is likely to face sellers near the $8,700 resistance area.

Bitcoin price is trading in a bearish zone towards $8,200 against the US Dollar. BTC remains sell on rallies unless there is a successful close above the $8,880 resistance.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin saw an increase in selling pressure below the $8,880 support area against the US Dollar. Moreover, BTC price settled below the $8,700 pivot level and the 100 simple moving average (4-hours).

There were steady losses and the price broke the $8,600 and $8,500 support levels. A new monthly low is formed near $8,382 and the price is clearly trading in a bearish zone.

It is currently consolidating losses above the $8,400 level. Besides, bitcoin is trading near the 23.6% Fib retracement level of the recent decline from the $8,777 high to $8,382 low.

On the upside, there are many resistances near $8,580 and $8,600. There is also a declining channel forming with resistance near $8,580 on the 4-hours chart of the BTC/USD pair. Additionally, the 50% Fib retracement level of the recent decline from the $8,777 high to $8,382 low is also near the $8,580 level.

If there is an upside break above the channel resistance, the price could test the $8,620 and $8,630 resistance levels. More importantly, there is a crucial bearish trend line forming with resistance near $8,630 on the same chart.

To move into a positive zone, the price must break the $8,700 and $8,720 levels. Having said that, a proper close above the $8,880 resistance is needed for a trend change and a fresh increase.

On the downside, there are many key supports near the $8,320 and $8,200 levels. The bears are likely to face a strong buying interest near $8,200, below which there is a risk of a break down towards the $8,000 handle.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is following a bearish path, with key supports near $8,200. Therefore, there are chances of a short term upside correction towards the $8,600 and $8,700 levels. However, the upward move is likely to face sellers and gains could be capped by $8,880.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering above the 30 level.

Major Support Level – $8,200

Major Resistance Level – $8,880

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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