{"id":393005,"date":"2019-08-14T06:00:32","date_gmt":"2019-08-14T06:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=393005"},"modified":"2024-06-11T13:24:18","modified_gmt":"2024-06-11T13:24:18","slug":"bitcoin-btc-price-hits-weekly-bearish-target-10k-could-be-next","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-hits-weekly-bearish-target-10k-could-be-next\/","title":{"rendered":"Bitcoin (BTC) Price Hits Weekly Bearish Target: $10K Could Be Next"},"content":{"rendered":"<ul>\n<li>Bitcoin price broke the key $11,200 support level and declined below $11,000 against the US Dollar.<\/li>\n<li>The price tested the $10,500 bearish target (as discussed in the weekly forecast).<\/li>\n<li>There is a major bearish trend line forming with resistance near $11,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price remains at a risk of more losses below the $10,500 and $10,320 levels.<\/li>\n<\/ul>\n<p><em>Bitcoin price is gaining bearish momentum below $11,000 against the US Dollar. BTC price tested the weekly bearish target of $10,500 and it could continue to weaken.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the <a href=\"https:\/\/wncen.com\/2019\/08\/11\/bitcoin-btc-price-weekly-forecast-risk-of-fresh-drop-to-10500\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin price weekly forecast<\/a>, we discussed the chances of a drop to $10,500 against the US Dollar. The BTC\/USD pair did follow a bearish path this week below $11,500 and 100 hourly simple moving average. As a result, there was a bearish break below the $11,200 and $11,000 support levels. Moreover, the price weakened more than 6% today and even broke the $10,800 support area.<\/p>\n<p>Finally, it spiked below the $10,500 level and traded to a new weekly low at $10,463. It is currently consolidating losses above $10,500. An immediate resistance is near $10,580 plus the 23.6% Fib retracement level of the recent decline from the $10,967 high to $10,463 low. On the upside, the first key resistance is near the $10,720 level. It represents the 50% Fib retracement level of the recent decline from the $10,967 high to $10,463 low.<\/p>\n<p>If there is an upside break above the $10,700 and $10,800 levels, the price could correct higher towards the $11,000 level. The next hurdle could be $11,080 plus the 1.236 Fib extension level of the recent decline from the $10,967 high to $10,463 low. Moreover, there is a major bearish trend line forming with resistance near $11,200 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The main resistance is near the $11,200 level (<a href=\"https:\/\/wncen.com\/2019\/08\/13\/bitcoin-btc-price-technical-bias-favors-more-downsides\/\" target=\"_blank\" rel=\"noopener noreferrer \">this week\u2019s support area<\/a>). On the downside, an immediate support is near the $10,450 level. If there is a bearish break, the price could slide further towards the $10,200 level. The main support is near the $10,000 level, where the bulls might take a stand.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-393006\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-12.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-12.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-12.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-12.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-12.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-12.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-12.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-12.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 is gaining bearish momentum below $11,000 and $10,800. Therefore, there are chances of more downsides below $10,500 and $10,450. Conversely, if there is an upside correction, the price is likely to face resistance near the $10,700 and $10,800 levels.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently placed in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting higher from the 20 level.<\/p>\n<p>Major Support Levels \u2013 $10,450 followed by $10,200.<\/p>\n<p>Major Resistance Levels \u2013 $10,700, $10,800 and $11,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price broke the key $11,200 support level and declined below $11,000 against the US Dollar. The price tested the $10,500 bearish target (as discussed in the weekly forecast). There is a major bearish trend line forming with resistance near $11,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price remains at a risk of more losses below the $10,500 and $10,320 levels. Bitcoin price is gaining bearish momentum below $11,000 against the US Dollar. BTC price tested the weekly bearish target of $10,500 and it could continue to weaken. Bitcoin Price Analysis In the bitcoin price weekly forecast, we discussed the chances of a drop to $10,500 against the US Dollar. The BTC\/USD pair did follow a bearish path this week below $11,500 and 100 hourly simple moving average. As a result, there was a bearish break below the $11,200 and $11,000 support levels. Moreover, the price weakened more than 6% today and even broke the $10,800 support area. Finally, it spiked below the $10,500 level and traded to a new weekly low at $10,463. It is currently consolidating losses above $10,500. An immediate resistance is near $10,580 plus the 23.6% Fib retracement level of the recent decline from the $10,967 high to $10,463 low. On the upside, the first key resistance is near the $10,720 level. It represents the 50% Fib retracement level of the recent decline from the $10,967 high to $10,463 low. If there is an upside break above the $10,700 and $10,800 levels, the price could correct higher towards the $11,000 level. The next hurdle could be $11,080 plus the 1.236 Fib extension level of the recent decline from the $10,967 high to $10,463 low. Moreover, there is a major bearish trend line forming with resistance near $11,200 on the hourly chart of the BTC\/USD pair. The main resistance is near the $11,200 level (this week\u2019s support area). On the downside, an immediate support is near the $10,450 level. If there is a bearish break, the price could slide further towards the $10,200 level. The main support is near the $10,000 level, where the bulls might take a stand. Looking at the chart, bitcoin price is gaining bearish momentum below $11,000 and $10,800. Therefore, there are chances of more downsides below $10,500 and $10,450. Conversely, if there is an upside correction, the price is likely to face resistance near the $10,700 and $10,800 levels. Technical indicators: Hourly MACD \u2013 The MACD is currently placed in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting higher from the 20 level. Major Support Levels \u2013 $10,450 followed by $10,200. Major Resistance Levels \u2013 $10,700, $10,800 and $11,000.<\/p>\n","protected":false},"author":67,"featured_media":344597,"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-393005","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 Hits Weekly Bearish Target: $10K Could Be Next<\/title>\n<meta name=\"description\" content=\"Bitcoin price is gaining bearish momentum below $11,000 against the US Dollar. 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