{"id":383766,"date":"2019-05-26T05:00:32","date_gmt":"2019-05-26T05:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=383766"},"modified":"2024-06-11T12:52:02","modified_gmt":"2024-06-11T12:52:02","slug":"bitcoin-btc-price-weekly-forecast-larger-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-weekly-forecast-larger-rally\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Bulls Preparing For Larger Rally"},"content":{"rendered":"
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.<\/em><\/p>\n 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<\/a> 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.<\/p>\n 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<\/a>. The 100 simple moving average (4-hours) is also near the $7,600 level.<\/p>\n 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.<\/p>\nBitcoin Price Weekly Analysis (BTC)<\/h2>\n