{"id":397440,"date":"2019-09-29T05:08:06","date_gmt":"2019-09-29T05:08:06","guid":{"rendered":"https:\/\/wncen.com\/?p=397440"},"modified":"2024-06-11T13:25:55","modified_gmt":"2024-06-11T13:25:55","slug":"bitcoin-btc-price-weekly-forecast-downtrend-intact-below-9k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-weekly-forecast-downtrend-intact-below-9k\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Downtrend Intact Below $9K"},"content":{"rendered":"<ul>\n<li>There was a nasty decline in bitcoin below the $9,000 support against the US Dollar.<\/li>\n<li>The price even declined below the $8,000 support and it is currently consolidating losses.<\/li>\n<li>There is a declining channel forming with resistance near $8,350 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price remains at a risk of more losses as long as it is trading below the $8,750 resistance area.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading in a downtrend below $9,000 against the US Dollar. BTC is likely to test the $7,500 support or $7,200 before a substantial recovery.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>This past week, there was a <a href=\"https:\/\/wncen.com\/2019\/09\/26\/bitcoin-price-btc-sighting-next-downside-break-below-8-2k\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong decline<\/a> in BTC below the $10,000 support area against the US Dollar. The BTC\/USD pair broke many supports near $9,500 and $9,000 to enter a bearish zone. Moreover, there was a close below $9,000 and the 100 simple moving average (4-hours). Finally, the price broke the $8,000 support and traded to a new monthly low near $7,742.<\/p>\n<p>Recently, it started an upside correction above $8,000. Moreover, there was a break above the 50% Fib retracement level of the recent decline from the $8,677 high to $7,742 low. However, the upward move was capped by the $8,450 level. It seems like the 61.8% Fib retracement level of the recent decline from the $8,677 high to $7,742 low rejected the recovery.<\/p>\n<p>Moreover, there is a declining channel forming with resistance near $8,350 on the 4-hours chart of the BTC\/USD pair. If there is an upside break above $8,350 and $8,450, the price could recover further. The main resistance on the upside is near the $8,750 level. A successful close above $8,750 and a follow through above $9,000 is needed for a strong recovery in bitcoin in the near term.<\/p>\n<p>On the downside, an initial support is near the $7,900 and $7,850 levels. If there is a downside break below the $7,850 support, the price could break the last swing low and continue lower. The <a href=\"https:\/\/wncen.com\/2019\/09\/27\/bitcoin-price-btc-weekly-target-of-7-5k-still-in-sight\/\" target=\"_blank\" rel=\"noopener noreferrer \">main target for the bears could be $7,500<\/a>. If there are more downsides, the price may perhaps test the $7,200 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-24.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-397441\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-24.png?resize=1828%2C868\" alt=\"Bitcoin Price Weekly Analysis (BTC) \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-24.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-24.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-24.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-24.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-24.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-24.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-24.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 trading in a bearish zone below the $8,750 and $9,000 resistance levels. It seems like there are chances of more downsides below $7,850 and $7,750. Once the current wave is complete near $7,500 or $7,200, the price could start a strong recovery.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is struggling to gain strength in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well below the 40 level, with bearish signs.<\/p>\n<p>Major Support Level \u2013 $7,850<\/p>\n<p>Major Resistance Level \u2013 $8,750<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was a nasty decline in bitcoin below the $9,000 support against the US Dollar. The price even declined below the $8,000 support and it is currently consolidating losses. There is a declining channel forming with resistance near $8,350 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The price remains at a risk of more losses as long as it is trading below the $8,750 resistance area. Bitcoin price is trading in a downtrend below $9,000 against the US Dollar. BTC is likely to test the $7,500 support or $7,200 before a substantial recovery. Bitcoin Price Weekly Analysis (BTC) This past week, there was a strong decline in BTC below the $10,000 support area against the US Dollar. The BTC\/USD pair broke many supports near $9,500 and $9,000 to enter a bearish zone. Moreover, there was a close below $9,000 and the 100 simple moving average (4-hours). Finally, the price broke the $8,000 support and traded to a new monthly low near $7,742. Recently, it started an upside correction above $8,000. Moreover, there was a break above the 50% Fib retracement level of the recent decline from the $8,677 high to $7,742 low. However, the upward move was capped by the $8,450 level. It seems like the 61.8% Fib retracement level of the recent decline from the $8,677 high to $7,742 low rejected the recovery. Moreover, there is a declining channel forming with resistance near $8,350 on the 4-hours chart of the BTC\/USD pair. If there is an upside break above $8,350 and $8,450, the price could recover further. The main resistance on the upside is near the $8,750 level. A successful close above $8,750 and a follow through above $9,000 is needed for a strong recovery in bitcoin in the near term. On the downside, an initial support is near the $7,900 and $7,850 levels. If there is a downside break below the $7,850 support, the price could break the last swing low and continue lower. The main target for the bears could be $7,500. If there are more downsides, the price may perhaps test the $7,200 level. Looking at the chart, bitcoin price is clearly trading in a bearish zone below the $8,750 and $9,000 resistance levels. It seems like there are chances of more downsides below $7,850 and $7,750. Once the current wave is complete near $7,500 or $7,200, the price could start a strong recovery. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is struggling to gain strength in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well below the 40 level, with bearish signs. Major Support Level \u2013 $7,850 Major Resistance Level \u2013 $8,750<\/p>\n","protected":false},"author":67,"featured_media":328924,"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-397440","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: Downtrend Intact Below $9K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a downtrend below $9,000 against the US Dollar. 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