{"id":404816,"date":"2019-11-19T13:30:30","date_gmt":"2019-11-19T13:30:30","guid":{"rendered":"https:\/\/wncen.com\/?p=404816"},"modified":"2024-06-11T12:53:55","modified_gmt":"2024-06-11T12:53:55","slug":"bitcoin-medium-term-outlook-here-is-why-btc-could-test-6-5k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-medium-term-outlook-here-is-why-btc-could-test-6-5k\/","title":{"rendered":"Bitcoin Medium Term Outlook: Here Is Why BTC Could Test $6.5K"},"content":{"rendered":"<ul>\n<li>Bitcoin price is currently in a downtrend below the $9,100 pivot level against the US Dollar.<\/li>\n<li>The price is trading well below the $8,500 support and the 100-day simple moving average.<\/li>\n<li>There is a crucial bearish trend line forming with resistance near $8,880 on the daily chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>If the current trend remains intact, the price could test $7,400 or even $6,500.<\/li>\n<\/ul>\n<p><em>Bitcoin price is following a significant downtrend on the daily timeframe against the US Dollar. If BTC fails to stay above $7,400, it could hit the $6,500 support area.<\/em><\/p>\n<h2>Bitcoin Price Analysis (Daily Chart)<\/h2>\n<p>At the end of the October 2019, bitcoin started a sharp increase from the $7,283 low against the US Dollar. BTC surged above the $8,000 and $9,100 resistance levels. Moreover, there was a <a href=\"https:\/\/wncen.com\/2019\/10\/27\/bitcoin-btc-price-weekly-forecast-is-this-real-bullish-break\/\" target=\"_blank\" rel=\"noopener noreferrer \">nasty spike above the $10,000 resistance area<\/a>.<\/p>\n<p>However, the price failed to settle above the $10,000 resistance and the 100-day simple moving average. A high was formed near $10,576 before the price started a fresh decline.<\/p>\n<p>This month, the <a href=\"https:\/\/wncen.com\/2019\/11\/10\/bitcoin-btc-price-weekly-forecast-more-downsides-likely\/\" target=\"_blank\" rel=\"noopener noreferrer \">price lost almost all its gains<\/a> and traded below the key $9,100 pivot level. Besides, the price broke the 61.8% Fib retracement level of the October\u2019s rally from the $7,283 low to $10,576 high.<\/p>\n<p>It is now trading well below the $8,500 support and the 100-day simple moving average. An immediate support is near the $8,060 level since it coincides with the 76.4% Fib retracement level of the October\u2019s rally from the $7,283 low to $10,576 high.<\/p>\n<p>If there is a downside break below the $8,060 and $8,000 support levels, bitcoin is likely to slide towards the $7,400 support area or the $7,283 low. In such cases, the price mostly breaks the last swing low ($7,283).<\/p>\n<p>In the mentioned case, the <strong>price may perhaps test the $6,500 support<\/strong>. It represents the 1.236 Fib extension level of the October\u2019s rally from the $7,283 low to $10,576 high.<\/p>\n<p>On the upside, there are many resistances for the bulls, starting with $8,500. Additionally, there is a crucial bearish trend line forming with resistance near $8,880 on the daily chart of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_404820\" aria-describedby=\"caption-attachment-404820\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-22.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-404820\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-22.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-22.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-22.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-22.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-22.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-22.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-22.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-22.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-404820\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\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 following a nasty downtrend on the daily chart below $8,500 and $8,700. It is likely to test $7,400 or even $6,500 unless there is a daily close above the $8,880 resistance.<\/p>\n<p>Technical indicators:<\/p>\n<p>Daily MACD \u2013 The MACD is gaining pace in the bearish zone.<\/p>\n<p>Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving lower and is well below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $7,400 followed by $6,500.<\/p>\n<p>Major Resistance Levels \u2013 $8,500, $8,700 and $8,880.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is currently in a downtrend below the $9,100 pivot level against the US Dollar. The price is trading well below the $8,500 support and the 100-day simple moving average. There is a crucial bearish trend line forming with resistance near $8,880 on the daily chart of the BTC\/USD pair (data feed from Kraken). If the current trend remains intact, the price could test $7,400 or even $6,500. Bitcoin price is following a significant downtrend on the daily timeframe against the US Dollar. If BTC fails to stay above $7,400, it could hit the $6,500 support area. Bitcoin Price Analysis (Daily Chart) At the end of the October 2019, bitcoin started a sharp increase from the $7,283 low against the US Dollar. BTC surged above the $8,000 and $9,100 resistance levels. Moreover, there was a nasty spike above the $10,000 resistance area. However, the price failed to settle above the $10,000 resistance and the 100-day simple moving average. A high was formed near $10,576 before the price started a fresh decline. This month, the price lost almost all its gains and traded below the key $9,100 pivot level. Besides, the price broke the 61.8% Fib retracement level of the October\u2019s rally from the $7,283 low to $10,576 high. It is now trading well below the $8,500 support and the 100-day simple moving average. An immediate support is near the $8,060 level since it coincides with the 76.4% Fib retracement level of the October\u2019s rally from the $7,283 low to $10,576 high. If there is a downside break below the $8,060 and $8,000 support levels, bitcoin is likely to slide towards the $7,400 support area or the $7,283 low. In such cases, the price mostly breaks the last swing low ($7,283). In the mentioned case, the price may perhaps test the $6,500 support. It represents the 1.236 Fib extension level of the October\u2019s rally from the $7,283 low to $10,576 high. On the upside, there are many resistances for the bulls, starting with $8,500. Additionally, there is a crucial bearish trend line forming with resistance near $8,880 on the daily chart of the BTC\/USD pair. Looking at the chart, bitcoin price is clearly following a nasty downtrend on the daily chart below $8,500 and $8,700. It is likely to test $7,400 or even $6,500 unless there is a daily close above the $8,880 resistance. Technical indicators: Daily MACD \u2013 The MACD is gaining pace in the bearish zone. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently moving lower and is well below the 40 level. Major Support Levels \u2013 $7,400 followed by $6,500. Major Resistance Levels \u2013 $8,500, $8,700 and $8,880.<\/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-404816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Medium Term Outlook: Here Is Why BTC Could Test $6.5K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is following a significant downtrend on the daily timeframe against the US Dollar. 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