{"id":395376,"date":"2019-09-08T04:08:03","date_gmt":"2019-09-08T04:08:03","guid":{"rendered":"https:\/\/wncen.com\/?p=395376"},"modified":"2024-06-11T12:52:00","modified_gmt":"2024-06-11T12:52:00","slug":"bitcoin-btc-price-weekly-forecast-downside-thrust-before-fresh-rise","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-weekly-forecast-downside-thrust-before-fresh-rise\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Downside Thrust Before Fresh Rise?"},"content":{"rendered":"<ul>\n<li>There was a steady rise in bitcoin price above the $10,500 resistance against the US Dollar.<\/li>\n<li>The price is currently correcting lower after it traded to a new monthly high close to $11,000.<\/li>\n<li>There is a key bullish trend line forming with support near $10,200 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>There could be a downside correction towards the $10,100 support area before a fresh increase.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading with a bullish bias above $10,000 against the US Dollar. BTC remains buy on dips as long as there is no daily close below $10,000.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>In the last weekly forecast, we discussed the <a href=\"https:\/\/wncen.com\/2019\/09\/01\/bitcoin-btc-price-weekly-forecast-10k-holds-key-for-recovery\/\" target=\"_blank\" rel=\"noopener noreferrer \">importance of the $10,000 resistance<\/a> for bitcoin price against the US Dollar. The BTC\/USD pair remained well bid and managed to surpass the $10,000 resistance. Moreover, there was a break above the $10,500 resistance and the 100 simple moving average (4-hours). Finally, the <a href=\"https:\/\/wncen.com\/2019\/09\/06\/bitcoin-price-btc-primed-for-lift-off-above-11k\/\" target=\"_blank\" rel=\"noopener noreferrer \">price climbed above the $10,800 level<\/a> and traded close to the $11,000 level.<\/p>\n<p>A swing high was formed near $10,949 before the price started a downside correction. There was a sharp decline below the $10,800 and $10,500 support levels. Moreover, there was a break below the 23.6% Fib retracement level of the last wave from the $9,300 low to $10,949 high. Finally, there was a break below the $10,400 level. However, the price stayed above the $10,000 support and the 100 SMA.<\/p>\n<p>Additionally, the price is trading nicely above the 50% Fib retracement level of the last wave from the $9,300 low to $10,949 high. There is also a key bullish trend line forming with support near $10,200 on the 4-hours chart of the BTC\/USD pair. If there is a downside break below the trend line support, there could be a sharp decline below $10,000 in the near term.<\/p>\n<p>On the upside, an initial resistance is near the $10,600 level. If there is an upside break above $10,600, the price could revisit the $10,800 resistance. Finally, a close above the $11,000 level may perhaps set the pace for a larger upward move towards the $11,700 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-6.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-395377\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-6.png?resize=1508%2C654\" alt=\"Bitcoin Price Weekly Analysis (BTC)\" width=\"1508\" height=\"654\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-6.png?w=1508 1508w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-6.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-6.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-6.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-6.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-6.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 correcting gains, but it is trading nicely above the $10,200 support area. The main support is near $10,000, below which the price could turn bearish in the coming sessions. On the upside, the price might continue to struggle near $10,800 and $11,000. Overall, there could be another dip towards $10,100 before a fresh increase.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is about to move back into the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly rising towards the 55 level.<\/p>\n<p>Major Support Level \u2013 $10,000<\/p>\n<p>Major Resistance Level \u2013 $10,800<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was a steady rise in bitcoin price above the $10,500 resistance against the US Dollar. The price is currently correcting lower after it traded to a new monthly high close to $11,000. There is a key bullish trend line forming with support near $10,200 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). There could be a downside correction towards the $10,100 support area before a fresh increase. Bitcoin price is trading with a bullish bias above $10,000 against the US Dollar. BTC remains buy on dips as long as there is no daily close below $10,000. Bitcoin Price Weekly Analysis (BTC) In the last weekly forecast, we discussed the importance of the $10,000 resistance for bitcoin price against the US Dollar. The BTC\/USD pair remained well bid and managed to surpass the $10,000 resistance. Moreover, there was a break above the $10,500 resistance and the 100 simple moving average (4-hours). Finally, the price climbed above the $10,800 level and traded close to the $11,000 level. A swing high was formed near $10,949 before the price started a downside correction. There was a sharp decline below the $10,800 and $10,500 support levels. Moreover, there was a break below the 23.6% Fib retracement level of the last wave from the $9,300 low to $10,949 high. Finally, there was a break below the $10,400 level. However, the price stayed above the $10,000 support and the 100 SMA. Additionally, the price is trading nicely above the 50% Fib retracement level of the last wave from the $9,300 low to $10,949 high. There is also a key bullish trend line forming with support near $10,200 on the 4-hours chart of the BTC\/USD pair. If there is a downside break below the trend line support, there could be a sharp decline below $10,000 in the near term. On the upside, an initial resistance is near the $10,600 level. If there is an upside break above $10,600, the price could revisit the $10,800 resistance. Finally, a close above the $11,000 level may perhaps set the pace for a larger upward move towards the $11,700 level. Looking at the chart, bitcoin price seems to be correcting gains, but it is trading nicely above the $10,200 support area. The main support is near $10,000, below which the price could turn bearish in the coming sessions. On the upside, the price might continue to struggle near $10,800 and $11,000. Overall, there could be another dip towards $10,100 before a fresh increase. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is about to move back into the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is slowly rising towards the 55 level. Major Support Level \u2013 $10,000 Major Resistance Level \u2013 $10,800<\/p>\n","protected":false},"author":67,"featured_media":344599,"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-395376","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: Downside Thrust Before Fresh Rise?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading with a bullish bias above $10,000 against the US Dollar. 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