{"id":368017,"date":"2019-01-13T06:00:13","date_gmt":"2019-01-13T06:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=368017"},"modified":"2024-06-11T12:57:50","modified_gmt":"2024-06-11T12:57:50","slug":"bitcoin-price-weekly-analysis-btcs-bullish-and-bearish-scenarios-analyzed","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-weekly-analysis-btcs-bullish-and-bearish-scenarios-analyzed\/","title":{"rendered":"Bitcoin Price Weekly Analysis: BTC\u2019s Bullish and Bearish Scenarios Analyzed"},"content":{"rendered":"<ul>\n<li>Bitcoin price declined recently and traded below the $3,725 support against the US Dollar.<\/li>\n<li>There is a short term breakout pattern forming with resistance near $3,650 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair may soon make the next move either above $3,650 or below $3,550 in the near term.<\/li>\n<\/ul>\n<p><em>Bitcoin price faced an increased selling pressure below $3,700 against the US Dollar. BTC\/USD is aligned for the next break either bullish above $3,650 or bearish below $3,550.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>This past week, bitcoin price started a <a href=\"https:\/\/wncen.com\/2019\/01\/11\/bitcoin-price-watch-btc-turned-sell-on-rallies-below-3800\/\" target=\"_blank\" rel=\"noopener \">major downward move<\/a> from the $4,037 swing high against the US Dollar. The BTC\/USD pair declined heavily and broke the $4,000, $3,800, $3,725 and $3,650 support levels. The decline was nasty as there was a close below the $3,725 level and the 100 simple moving average (4-hours). It traded close to the $3,550 support area and later started consolidating losses. An initial resistance on the upside is near the $3,650 and $3,660 levels.<\/p>\n<p>More importantly, there is a short term breakout pattern forming with resistance near $3,650 on the 4-hours chart of the BTC\/USD pair. Therefore, the pair seems to be preparing the next break either above $3,650 or below $3,550 in the near term. A break above the $3,650 level may push the price towards the $3,660. It represents the 23.6% Fib retracement level of the last drop from the $4,037 high to $3,549 low. A successful close above the $3,660 and $3,665 level may <a href=\"https:\/\/wncen.com\/2019\/01\/10\/bitcoin-price-watch-btc-likely-preparing-for-bullish-ride\/\" target=\"_blank\" rel=\"noopener \">open the doors for a bullish recovery<\/a> towards $3,725. The main resistance is near the $3,790 level. It coincides with the 50% Fib retracement level of the last drop from the $4,037 high to $3,549 low.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-368018\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-9.png?resize=1828%2C869\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"869\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-9.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-9.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-9.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-9.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-9.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-9.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/01\/Bitcoin-9.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a>, BTC price could even break the $3,550 support and extend losses. In the stated bearish scenario, the price may extend losses below $3,500 and $3,400.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4-hours MACD \u2013 The MACD for BTC\/USD is slowly moving in the bullish zone, with lack of strength.<\/p>\n<p>4-hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently near the 30 level, with a bullish angle.<\/p>\n<p>Major Support Level \u2013 $3,550<\/p>\n<p>Major Resistance Level \u2013 $3,660<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined recently and traded below the $3,725 support against the US Dollar. There is a short term breakout pattern forming with resistance near $3,650 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair may soon make the next move either above $3,650 or below $3,550 in the near term. Bitcoin price faced an increased selling pressure below $3,700 against the US Dollar. BTC\/USD is aligned for the next break either bullish above $3,650 or bearish below $3,550. Bitcoin Price Analysis This past week, bitcoin price started a major downward move from the $4,037 swing high against the US Dollar. The BTC\/USD pair declined heavily and broke the $4,000, $3,800, $3,725 and $3,650 support levels. The decline was nasty as there was a close below the $3,725 level and the 100 simple moving average (4-hours). It traded close to the $3,550 support area and later started consolidating losses. An initial resistance on the upside is near the $3,650 and $3,660 levels. More importantly, there is a short term breakout pattern forming with resistance near $3,650 on the 4-hours chart of the BTC\/USD pair. Therefore, the pair seems to be preparing the next break either above $3,650 or below $3,550 in the near term. A break above the $3,650 level may push the price towards the $3,660. It represents the 23.6% Fib retracement level of the last drop from the $4,037 high to $3,549 low. A successful close above the $3,660 and $3,665 level may open the doors for a bullish recovery towards $3,725. The main resistance is near the $3,790 level. It coincides with the 50% Fib retracement level of the last drop from the $4,037 high to $3,549 low. Looking at the chart, BTC price could even break the $3,550 support and extend losses. In the stated bearish scenario, the price may extend losses below $3,500 and $3,400. Technical indicators 4-hours MACD \u2013 The MACD for BTC\/USD is slowly moving in the bullish zone, with lack of strength. 4-hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently near the 30 level, with a bullish angle. Major Support Level \u2013 $3,550 Major Resistance Level \u2013 $3,660<\/p>\n","protected":false},"author":67,"featured_media":344595,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-368017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Weekly Analysis: BTC\u2019s Bullish and Bearish Scenarios Analyzed<\/title>\n<meta name=\"description\" content=\"Bitcoin price faced an increased selling pressure below $3,700 against the US Dollar. 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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. 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. 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