{"id":397291,"date":"2019-09-27T05:38:19","date_gmt":"2019-09-27T05:38:19","guid":{"rendered":"https:\/\/wncen.com\/?p=397291"},"modified":"2024-06-11T13:25:52","modified_gmt":"2024-06-11T13:25:52","slug":"bitcoin-price-btc-weekly-target-of-7-5k-still-in-sight","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-weekly-target-of-7-5k-still-in-sight\/","title":{"rendered":"Bitcoin Price (BTC) Weekly Target of $7.5K Still In Sight"},"content":{"rendered":"<ul>\n<li>Bitcoin price extended its decline and broke the key $8,000 support area against the US Dollar.<\/li>\n<li>The price is likely to test the main weekly bearish target of $7,500 in the coming sessions.<\/li>\n<li>There was a bearish break below a contracting triangle with support near $8,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is currently trading near $8,000 and it is likely to extend its decline towards $7,500.<\/li>\n<\/ul>\n<p><em>Bitcoin price is extending its decline below $8,000 against the US Dollar. BTC could soon test the <a href=\"https:\/\/wncen.com\/2019\/09\/25\/bitcoin-price-btc-decline-far-from-over-bears-eye-7-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">bearish target of $7,500<\/a> as discussed in one of the recent analyses.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After a short term correction, bitcoin struggled to break the $8,750 resistance area against the US Dollar. As a result, the price started consolidating losses below $8,500 and the 100 hourly simple moving average. Finally, there was a downside break below the $8,350 and $8,200 support levels. It seems like the bulls failed to protect losses below the $8,200 support level.<\/p>\n<p>Moreover, there was a bearish break below a <a href=\"https:\/\/wncen.com\/2019\/09\/26\/bitcoin-price-btc-sighting-next-downside-break-below-8-2k\/\" target=\"_blank\" rel=\"noopener noreferrer \">contracting triangle<\/a> with support near $8,350 on the hourly chart of the BTC\/USD pair. The pair even broke the key $8,000 support and traded to a new monthly low at $7,736. Recently, there was an upside correction above the $7,850 level. The price traded above the 23.6% Fib retracement level of the recent decline from the $8,646 high to $7,736 low.<\/p>\n<p>However, the upward move is facing resistance near the $8,200 level (the previous support). Additionally, the 50% Fib retracement level of the recent decline from the $8,646 high to $7,736 low is capping upsides. There is also a connecting bearish trend line forming with resistance near $8,040 on the same chart. Therefore, an upside break above $8,050 and $8,200 is needed for a decent recovery.<\/p>\n<p>If the price fails to correct above $8,200, it could continue to move down. An immediate support is near the $7,800 level. Any further losses is likely to open the doors for a sharp decline towards the $7,500 support area in the near term. If the bulls fail to protect $7,500, the price could tumble towards the $7,000 support.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-23.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-397292\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-23.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-23.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-23.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-23.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-23.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-23.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-23.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-23.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 is clearly under pressure below $8,200 and $8,350. Therefore, there are high possibilities of more downsides towards $7,500 or even $7,200. Once the current decline is over, the price might correct above $8,500 in the coming days.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $7,800 followed by $7,500.<\/p>\n<p>Major Resistance Levels \u2013 $8,200, $8,350 and $8,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended its decline and broke the key $8,000 support area against the US Dollar. The price is likely to test the main weekly bearish target of $7,500 in the coming sessions. There was a bearish break below a contracting triangle with support near $8,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is currently trading near $8,000 and it is likely to extend its decline towards $7,500. Bitcoin price is extending its decline below $8,000 against the US Dollar. BTC could soon test the bearish target of $7,500 as discussed in one of the recent analyses. Bitcoin Price Analysis After a short term correction, bitcoin struggled to break the $8,750 resistance area against the US Dollar. As a result, the price started consolidating losses below $8,500 and the 100 hourly simple moving average. Finally, there was a downside break below the $8,350 and $8,200 support levels. It seems like the bulls failed to protect losses below the $8,200 support level. Moreover, there was a bearish break below a contracting triangle with support near $8,350 on the hourly chart of the BTC\/USD pair. The pair even broke the key $8,000 support and traded to a new monthly low at $7,736. Recently, there was an upside correction above the $7,850 level. The price traded above the 23.6% Fib retracement level of the recent decline from the $8,646 high to $7,736 low. However, the upward move is facing resistance near the $8,200 level (the previous support). Additionally, the 50% Fib retracement level of the recent decline from the $8,646 high to $7,736 low is capping upsides. There is also a connecting bearish trend line forming with resistance near $8,040 on the same chart. Therefore, an upside break above $8,050 and $8,200 is needed for a decent recovery. If the price fails to correct above $8,200, it could continue to move down. An immediate support is near the $7,800 level. Any further losses is likely to open the doors for a sharp decline towards the $7,500 support area in the near term. If the bulls fail to protect $7,500, the price could tumble towards the $7,000 support. Looking at the chart, bitcoin is clearly under pressure below $8,200 and $8,350. Therefore, there are high possibilities of more downsides towards $7,500 or even $7,200. Once the current decline is over, the price might correct above $8,500 in the coming days. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 50 level. Major Support Levels \u2013 $7,800 followed by $7,500. Major Resistance Levels \u2013 $8,200, $8,350 and $8,500.<\/p>\n","protected":false},"author":67,"featured_media":394322,"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-397291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price (BTC) Weekly Target of $7.5K Still In Sight<\/title>\n<meta name=\"description\" content=\"Bitcoin price is extending its decline below $8,000 against the US Dollar. 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