{"id":385479,"date":"2019-06-09T06:00:09","date_gmt":"2019-06-09T06:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=385479"},"modified":"2024-06-11T12:51:57","modified_gmt":"2024-06-11T12:51:57","slug":"bitcoin-btc-price-weekly-forecast-bulls-facing-uphill-task","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-weekly-forecast-bulls-facing-uphill-task\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Bulls Facing Uphill Task"},"content":{"rendered":"<ul>\n<li>The recent recovery in bitcoin price faced a strong resistance near the $8,140 level against the US Dollar.<\/li>\n<li>The price is currently facing a strong resistance and it is likely to struggle near $8,000.<\/li>\n<li>There is a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could either break the $8,000 resistance and rally or decline below the $7,700 support area.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing signs of weakness below the $8,000 barrier against the US Dollar. BTC could make the next move either above $8,000 or below $7,700 in the coming sessions.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>This past week, bitcoin price started a <a href=\"https:\/\/wncen.com\/2019\/06\/07\/bitcoin-btc-price-forming-double-bottom-setting-stage-for-rebound\/\" target=\"_blank\" rel=\"noopener noreferrer \">short term recovery<\/a> after trading below $7,600 against the US Dollar. The BTC\/USD pair traded as low as $7,441 and settled below the 100 simple moving average (4-hours). Recently, it recovered above the $7,700 and $7,800 resistance levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low.<\/p>\n<p>However, the upward move faced a strong resistance near the $8,000 and $8,150 levels. The price also faced a strong resistance near the 50% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low. There is also a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC\/USD pair. If there is an <a href=\"https:\/\/wncen.com\/2019\/06\/06\/bitcoin-btc-price-showing-signs-of-recovery-8200-could-prevent-gains\/\" target=\"_blank\" rel=\"noopener noreferrer \">upside break<\/a> above the trend line, the price could recover further above $8,150. The next key resistance is near the $8,300 level and the 100 simple moving average (4-hours).<\/p>\n<p>The 61.8% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low is also near the $8,300 level to act as a hurdle for the bulls. If they surpass $8,300, the price could rally towards the $8,500 level. Conversely, if the price fails to move above the trend line and $8,000, there could be a downside break. On the downside, an immediate support is near the $7,700 level, below which there is a risk of more losses in the near term. The next key support is at $7,600, below which the price could even clear the $7,440 swing low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-7.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-385480\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-7.png?resize=1508%2C654\" alt=\"Bitcoin Price Weekly Analysis (BTC)\" width=\"1508\" height=\"654\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-7.png?w=1508 1508w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-7.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-7.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-7.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-7.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-7.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price seems to be trading near an important area at $8,000. If there is an upside break, the price could start a strong uptrend. If not, there is a risk of a fresh decline below the $7,700 and $7,500 support levels.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving in the bearish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently near the level 50, with a flat bias.<\/p>\n<p>Major Support Level \u2013 $7,700<\/p>\n<p>Major Resistance Level \u2013 $8,000<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent recovery in bitcoin price faced a strong resistance near the $8,140 level against the US Dollar. The price is currently facing a strong resistance and it is likely to struggle near $8,000. There is a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could either break the $8,000 resistance and rally or decline below the $7,700 support area. Bitcoin price is showing signs of weakness below the $8,000 barrier against the US Dollar. BTC could make the next move either above $8,000 or below $7,700 in the coming sessions. Bitcoin Price Weekly Analysis (BTC) This past week, bitcoin price started a short term recovery after trading below $7,600 against the US Dollar. The BTC\/USD pair traded as low as $7,441 and settled below the 100 simple moving average (4-hours). Recently, it recovered above the $7,700 and $7,800 resistance levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low. However, the upward move faced a strong resistance near the $8,000 and $8,150 levels. The price also faced a strong resistance near the 50% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low. There is also a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC\/USD pair. If there is an upside break above the trend line, the price could recover further above $8,150. The next key resistance is near the $8,300 level and the 100 simple moving average (4-hours). The 61.8% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low is also near the $8,300 level to act as a hurdle for the bulls. If they surpass $8,300, the price could rally towards the $8,500 level. Conversely, if the price fails to move above the trend line and $8,000, there could be a downside break. On the downside, an immediate support is near the $7,700 level, below which there is a risk of more losses in the near term. The next key support is at $7,600, below which the price could even clear the $7,440 swing low. Looking at the chart, bitcoin price seems to be trading near an important area at $8,000. If there is an upside break, the price could start a strong uptrend. If not, there is a risk of a fresh decline below the $7,700 and $7,500 support levels. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving in the bearish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently near the level 50, with a flat bias. Major Support Level \u2013 $7,700 Major Resistance Level \u2013 $8,000<\/p>\n","protected":false},"author":67,"featured_media":338321,"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-385479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Weekly Forecast: Bulls Facing Uphill Task<\/title>\n<meta name=\"description\" content=\"The recent recovery in bitcoin price faced a strong resistance near the $8,140 level against the US Dollar. 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