{"id":402464,"date":"2019-10-27T05:08:42","date_gmt":"2019-10-27T05:08:42","guid":{"rendered":"https:\/\/wncen.com\/?p=402464"},"modified":"2024-06-11T13:31:33","modified_gmt":"2024-06-11T13:31:33","slug":"bitcoin-btc-price-weekly-forecast-is-this-real-bullish-break","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-weekly-forecast-is-this-real-bullish-break\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Is This Real Bullish Break?"},"content":{"rendered":"
Bitcoin price is trimming gains after a sharp rally against the US Dollar. BTC must stay above $8,500 to start a fresh increase. If not, it could dive back to $8,000.<\/em><\/p>\n In the past two days, there were heavy swing moves in BTC from the $7,500 support<\/a> against the US Dollar. The BTC\/USD pair rallied more than 20% and broke many hurdles near $8,500 and $9,000.<\/p>\n Moreover, there was a close above the $8,500 resistance area<\/a> and the 100 simple moving average (4-hours). Finally, the price rallied above the $10,000 resistance and traded close to the $10,600 resistance area.<\/p>\n However, the bulls failed to remain in control and a top was formed near $10,591. Later, there was a strong downside correction below the $10,000 level. The price traded below the 23.6% Fib retracement level of the rally from the $7,425 swing low to $10,591 high.<\/p>\n Besides, the price traded below $9,500 and tested the $9,000 support area. Besides, it seems like the 50% Fib retracement level of the rally from the $7,425 swing low to $10,591 high is currently acting as a strong support.<\/p>\n More importantly, there is a short term bullish trend line forming with support near $9,080 on the 4-hours chart of the BTC\/USD pair. If there is a downside break below the trend line and $9,000, bitcoin price could test the next major support near the $8,600 area.<\/p>\n The $8,600 and $8,500 levels are crucial supports since they acted as hurdles previously. Additionally, the 61.8% Fib retracement level of the rally from the $7,425 swing low to $10,591 high might also provide support.<\/p>\n Therefore, the $8,500 support is likely to act as a major support. If the price fails to stay above $8,500, it could move back into a downtrend.<\/p>\nBitcoin Price Weekly Analysis (BTC)<\/h2>\n