{"id":389720,"date":"2019-07-14T05:00:36","date_gmt":"2019-07-14T05:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=389720"},"modified":"2024-06-11T12:52:09","modified_gmt":"2024-06-11T12:52:09","slug":"bitcoin-btc-price-weekly-forecast-risk-of-extended-drop-to-8880","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-weekly-forecast-risk-of-extended-drop-to-8880\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Risk of Extended Drop To $8,880"},"content":{"rendered":"<ul>\n<li>There was a major drop in bitcoin price after it broke the $12,000 support against the US Dollar.<\/li>\n<li>The price is currently holding the key $10,800 support area, but it remains at a risk of more losses.<\/li>\n<li>There was a break below a key bullish trend line with support at $12,100 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could extend losses towards the $8,880 level if there is a successful break below $10,800.<\/li>\n<\/ul>\n<p><em>Bitcoin price is holding the key $10,800 support area against the US Dollar. Having said that, BTC remains at a risk of more losses if there is no break above $11,600 and $12,000.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>This past week, bitcoin price declined heavily below the $12,200 and $12,000 support levels against the US Dollar. The BTC\/USD pair even broke the $11,500 support and settled below the 100 simple moving average (4-hours). However, the bulls were able to hold the <a href=\"https:\/\/wncen.com\/2019\/07\/12\/bitcoin-price-btc-testing-crucial-support-can-the-bulls-stage-recovery\/\" target=\"_blank\" rel=\"noopener noreferrer \">key $10,800 and $11,000 support levels<\/a> (as forecasted in the recent analysis).<\/p>\n<p>The recent drop from the $13,182 swing high was initiated once there was a break below a key bullish trend line with support at $12,100 on the 4-hours chart of the BTC\/USD pair. The pair even broke the 50% Fib retracement level of the upward move from the $9,708 low to $13,182 swing high. It opened the doors for more losses and the price even spiked below the $11,000 level.<\/p>\n<p>However, the $10,800 support level holds the key and is protecting more losses. Moreover, there was no close below the 61.8% Fib retracement level of the upward move from the $9,708 low to $13,182 swing high. On the upside, an initial resistance is near the $11,500 level and the 100 simple moving average (4-hours). Above the 100 SMA, the price could face a strong resistance near the $12,000 level.<\/p>\n<p>If there is a successful close above $12,000, the price could start a fresh increase towards the $12,400 and $12,500 levels. Conversely, if the bulls fail near $11,500 or $12,000, there could be another dip. More importantly, there is a risk of a downside break below the <a href=\"https:\/\/wncen.com\/2019\/07\/11\/bitcoin-price-btc-tumbles-2000-in-few-hours-10800-holds-key\/\" target=\"_blank\" rel=\"noopener noreferrer \">key $10,800 support area<\/a>. In the mentioned case, the price could test the $8,880 support area. It represents the 1.236 Fib extension level of the upward move from the $9,708 low to $13,182 swing high.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-13.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-389721\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-13.png?resize=1828%2C868\" alt=\"Bitcoin Price Weekly Analysis (BTC)\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-13.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-13.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-13.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-13.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-13.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-13.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-13.png?w=1140 1140w\" sizes=\"auto, (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 is clearly struggling to rebound above $12,000 and it could extend losses towards the $8,880 level if there is a successful break below $10,800.<\/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 well below the 50 level.<\/p>\n<p>Major Support Level \u2013 $10.800<\/p>\n<p>Major Resistance Level \u2013 $12,000<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was a major drop in bitcoin price after it broke the $12,000 support against the US Dollar. The price is currently holding the key $10,800 support area, but it remains at a risk of more losses. There was a break below a key bullish trend line with support at $12,100 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could extend losses towards the $8,880 level if there is a successful break below $10,800. Bitcoin price is holding the key $10,800 support area against the US Dollar. Having said that, BTC remains at a risk of more losses if there is no break above $11,600 and $12,000. Bitcoin Price Weekly Analysis (BTC) This past week, bitcoin price declined heavily below the $12,200 and $12,000 support levels against the US Dollar. The BTC\/USD pair even broke the $11,500 support and settled below the 100 simple moving average (4-hours). However, the bulls were able to hold the key $10,800 and $11,000 support levels (as forecasted in the recent analysis). The recent drop from the $13,182 swing high was initiated once there was a break below a key bullish trend line with support at $12,100 on the 4-hours chart of the BTC\/USD pair. The pair even broke the 50% Fib retracement level of the upward move from the $9,708 low to $13,182 swing high. It opened the doors for more losses and the price even spiked below the $11,000 level. However, the $10,800 support level holds the key and is protecting more losses. Moreover, there was no close below the 61.8% Fib retracement level of the upward move from the $9,708 low to $13,182 swing high. On the upside, an initial resistance is near the $11,500 level and the 100 simple moving average (4-hours). Above the 100 SMA, the price could face a strong resistance near the $12,000 level. If there is a successful close above $12,000, the price could start a fresh increase towards the $12,400 and $12,500 levels. Conversely, if the bulls fail near $11,500 or $12,000, there could be another dip. More importantly, there is a risk of a downside break below the key $10,800 support area. In the mentioned case, the price could test the $8,880 support area. It represents the 1.236 Fib extension level of the upward move from the $9,708 low to $13,182 swing high. Looking at the chart, bitcoin price is clearly struggling to rebound above $12,000 and it could extend losses towards the $8,880 level if there is a successful break below $10,800. 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 well below the 50 level. Major Support Level \u2013 $10.800 Major Resistance Level \u2013 $12,000<\/p>\n","protected":false},"author":67,"featured_media":344600,"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-389720","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: Risk of Extended Drop To $8,880<\/title>\n<meta name=\"description\" content=\"Bitcoin price is holding the key $10,800 support area against the US Dollar. 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Having said that, BTC remains at a risk of more losses if there is no break above $11,600 and $12,000.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-btc-price-weekly-forecast-risk-of-extended-drop-to-8880\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin (BTC) Price Weekly Forecast: Risk of Extended Drop To $8,880","og_description":"Bitcoin price is holding the key $10,800 support area against the US Dollar. 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