{"id":393906,"date":"2019-08-22T06:00:11","date_gmt":"2019-08-22T06:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=393906"},"modified":"2024-06-11T12:51:13","modified_gmt":"2024-06-11T12:51:13","slug":"bitcoin-btc-price-target-additional-weakness","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-target-additional-weakness\/","title":{"rendered":"Bitcoin (BTC) Price Target Additional Weakness, Upsides Remain Capped"},"content":{"rendered":"<ul>\n<li>Bitcoin price declined heavily in the past few sessions below $10,000 against the US Dollar.<\/li>\n<li>The price is currently correcting higher after it tested the $9,750 support area.<\/li>\n<li>There is a declining channel forming with resistance near $10,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could correct higher in the short term, but upsides are likely to remain capped near $10,100.<\/li>\n<\/ul>\n<p><em>Bitcoin price is back in a bearish zone below $10,250 against the US Dollar. BTC is likely to extend its decline if it fails to recover above $10,250 and $10,400.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/wncen.com\/2019\/08\/21\/bitcoin-btc-price-recent-breakdown-could-accelerate-decline\/\" target=\"_blank\" rel=\"noopener noreferrer \">fresh decrease in BTC<\/a> below the $10,250 support against the US Dollar. It opened the doors for more losses and the price declined below the $10,100 and $10,000 support levels. Moreover, there was a close below the $10,000 support and the 100 hourly simple moving average. The decline was such that the price broke the $9,800 support and tested the $9,750 level.<\/p>\n<p>A swing low was formed near $9,757 and the price is currently correcting higher. It is testing the $10,000 resistance plus the 23.6% Fib retracement level of the recent decline from the $10,836 high to $9,757 low. However, there are many resistances on the upside near $10,100 and $10,200 levels. Additionally, there is a declining channel forming with resistance near $10,100 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>If there is an upside break above the channel resistance, the price could correct higher towards the $10,250 and $10,300 resistance levels. The 50% Fib retracement level of the recent decline from the $10,836 high to $9,757 low is also near the $10,296 level to act as a <a href=\"https:\/\/wncen.com\/2019\/08\/18\/bitcoin-btc-price-weekly-forecast-08-18-2019\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong resistance<\/a>. Therefore, an upside correction towards $10,100 or $10,250 is likely to face a strong resistance.<\/p>\n<p>If the price fails to correct above the $10,100 resistance or the $10,250 barrier, it could resume its decline. An immediate support is near the $9,750 level, below which the bears are likely to target the $9,500 support area. Moreover, an intermediate support is near the $9,620 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-393907\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-20.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 back in a bearish zone, with a close below $10,250 and the 100 hourly SMA. Therefore, to start a fresh increase, the bulls need to gain strength above $10,250 and $10,300. The next major resistance is near the $10,500 level and a connecting bearish trend line on the same chart.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering, but it is still well below 50.<\/p>\n<p>Major Support Levels \u2013 $9,750 followed by $9,500.<\/p>\n<p>Major Resistance Levels \u2013 $10,100, $10,250 and $10,300.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined heavily in the past few sessions below $10,000 against the US Dollar. The price is currently correcting higher after it tested the $9,750 support area. There is a declining channel forming with resistance near $10,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could correct higher in the short term, but upsides are likely to remain capped near $10,100. Bitcoin price is back in a bearish zone below $10,250 against the US Dollar. BTC is likely to extend its decline if it fails to recover above $10,250 and $10,400. Bitcoin Price Analysis Yesterday, we saw a fresh decrease in BTC below the $10,250 support against the US Dollar. It opened the doors for more losses and the price declined below the $10,100 and $10,000 support levels. Moreover, there was a close below the $10,000 support and the 100 hourly simple moving average. The decline was such that the price broke the $9,800 support and tested the $9,750 level. A swing low was formed near $9,757 and the price is currently correcting higher. It is testing the $10,000 resistance plus the 23.6% Fib retracement level of the recent decline from the $10,836 high to $9,757 low. However, there are many resistances on the upside near $10,100 and $10,200 levels. Additionally, there is a declining channel forming with resistance near $10,100 on the hourly chart of the BTC\/USD pair. If there is an upside break above the channel resistance, the price could correct higher towards the $10,250 and $10,300 resistance levels. The 50% Fib retracement level of the recent decline from the $10,836 high to $9,757 low is also near the $10,296 level to act as a strong resistance. Therefore, an upside correction towards $10,100 or $10,250 is likely to face a strong resistance. If the price fails to correct above the $10,100 resistance or the $10,250 barrier, it could resume its decline. An immediate support is near the $9,750 level, below which the bears are likely to target the $9,500 support area. Moreover, an intermediate support is near the $9,620 level. Looking at the chart, bitcoin price is clearly back in a bearish zone, with a close below $10,250 and the 100 hourly SMA. Therefore, to start a fresh increase, the bulls need to gain strength above $10,250 and $10,300. The next major resistance is near the $10,500 level and a connecting bearish trend line on the same chart. Technical indicators: Hourly MACD \u2013 The MACD is about to move back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering, but it is still well below 50. Major Support Levels \u2013 $9,750 followed by $9,500. Major Resistance Levels \u2013 $10,100, $10,250 and $10,300.<\/p>\n","protected":false},"author":67,"featured_media":328922,"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-393906","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 Target Additional Weakness, Upsides Remain Capped<\/title>\n<meta name=\"description\" content=\"Bitcoin price is back in a bearish zone below $10,250 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. 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