{"id":405283,"date":"2019-11-24T04:28:31","date_gmt":"2019-11-24T04:28:31","guid":{"rendered":"https:\/\/wncen.com\/?p=405283"},"modified":"2024-06-11T12:58:46","modified_gmt":"2024-06-11T12:58:46","slug":"bitcoin-weekly-forecast-btc-aiming-key-6-5k-support","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-weekly-forecast-btc-aiming-key-6-5k-support\/","title":{"rendered":"Bitcoin Weekly Forecast: BTC Aiming Key $6.5K Support"},"content":{"rendered":"<ul>\n<li>There was a sharp decline in bitcoin below the $8,000 and $7,500 supports against the US Dollar.<\/li>\n<li>The price is currently correcting losses, but remains at a risk below $7,400.<\/li>\n<li>There is another breakdown pattern forming with support near $7,240 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is currently trading below the $7,500 resistance and likely to decline further.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading in a strong downtrend below $7,500 against the US Dollar. BTC is likely to continue lower towards the main $6,500 bearish target.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>This past week, bitcoin started a nasty decline below the $8,000 support area against the US Dollar. As a result, BTC price gained bearish momentum below the $7,800 support and the 100 simple moving average (4-hours).<\/p>\n<p>It opened the doors for more losses and the price even declined sharply below the $7,500 support. Moreover, the price tested the $7,000 support area (the first <a href=\"https:\/\/wncen.com\/2019\/11\/19\/bitcoin-medium-term-outlook-here-is-why-btc-could-test-6-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">bearish target as per the medium term outlook<\/a>).<\/p>\n<p>Finally, the price spiked below $6,900 and a new multi-month low was formed near the $6,776 level. At the outset, bitcoin price is correcting higher and recently traded above the 23.6% Fib retracement level of the last decline from the $8,213 high to $6,776 low.<\/p>\n<p>However, the upward correction is facing resistance near the $7,400 level. Additionally, there is another breakdown pattern forming with support near $7,240 on the 4-hours chart of the BTC\/USD pair.<\/p>\n<p>If there is a downside break below $7,240 and $7,200, there are <a href=\"https:\/\/wncen.com\/2019\/11\/22\/bitcoin-btc-reaches-crucial-support-at-7-4k-larger-decline-in-play\/\" target=\"_blank\" rel=\"noopener noreferrer \">chances of more downsides<\/a> in the near term. In the mentioned case, the price is likely to break the $7,000 support and $6,800 level. The main target for the bears seem to be the $6,500 support area.<\/p>\n<p>On the upside, the price must break the triangle resistance and $7,400. Besides, the 50% Fib retracement level of the last decline from the $8,213 high to $6,776 low is near the $7,500 level.<\/p>\n<p>The key resistance is near the $7,550 level and a connecting bearish trend line on the same chart. A clear break above the $7,500 and $7,550 resistance levels could set the pace for more gains.<\/p>\n<figure id=\"attachment_405285\" aria-describedby=\"caption-attachment-405285\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-28.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-405285\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-28.png?resize=1828%2C868\" alt=\"Bitcoin Price Weekly Analysis (BTC)\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-28.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-28.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-28.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-28.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-28.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-28.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-28.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-405285\" 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 likely setting up for another breakdown below the $7,200 and $7,000 support levels. Conversely, a close above $7,550 is needed for a correction towards the $8,000 level in the coming days.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now recovering, but it is well below the 40 level.<\/p>\n<p>Major Support Level \u2013 $7,000<\/p>\n<p>Major Resistance Level \u2013 $7,550<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was a sharp decline in bitcoin below the $8,000 and $7,500 supports against the US Dollar. The price is currently correcting losses, but remains at a risk below $7,400. There is another breakdown pattern forming with support near $7,240 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The price is currently trading below the $7,500 resistance and likely to decline further. Bitcoin price is trading in a strong downtrend below $7,500 against the US Dollar. BTC is likely to continue lower towards the main $6,500 bearish target. Bitcoin Price Weekly Analysis (BTC) This past week, bitcoin started a nasty decline below the $8,000 support area against the US Dollar. As a result, BTC price gained bearish momentum below the $7,800 support and the 100 simple moving average (4-hours). It opened the doors for more losses and the price even declined sharply below the $7,500 support. Moreover, the price tested the $7,000 support area (the first bearish target as per the medium term outlook). Finally, the price spiked below $6,900 and a new multi-month low was formed near the $6,776 level. At the outset, bitcoin price is correcting higher and recently traded above the 23.6% Fib retracement level of the last decline from the $8,213 high to $6,776 low. However, the upward correction is facing resistance near the $7,400 level. Additionally, there is another breakdown pattern forming with support near $7,240 on the 4-hours chart of the BTC\/USD pair. If there is a downside break below $7,240 and $7,200, there are chances of more downsides in the near term. In the mentioned case, the price is likely to break the $7,000 support and $6,800 level. The main target for the bears seem to be the $6,500 support area. On the upside, the price must break the triangle resistance and $7,400. Besides, the 50% Fib retracement level of the last decline from the $8,213 high to $6,776 low is near the $7,500 level. The key resistance is near the $7,550 level and a connecting bearish trend line on the same chart. A clear break above the $7,500 and $7,550 resistance levels could set the pace for more gains. Looking at the chart, bitcoin price is likely setting up for another breakdown below the $7,200 and $7,000 support levels. Conversely, a close above $7,550 is needed for a correction towards the $8,000 level in the coming days. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now recovering, but it is well below the 40 level. Major Support Level \u2013 $7,000 Major Resistance Level \u2013 $7,550<\/p>\n","protected":false},"author":67,"featured_media":379871,"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-405283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Weekly Forecast: BTC Aiming Key $6.5K Support<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a strong downtrend below $7,500 against the US Dollar. 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