{"id":392761,"date":"2019-08-11T06:28:18","date_gmt":"2019-08-11T06:28:18","guid":{"rendered":"https:\/\/uniquehot.com\/?p=392761"},"modified":"2024-06-11T12:52:11","modified_gmt":"2024-06-11T12:52:11","slug":"bitcoin-btc-price-weekly-forecast-risk-of-fresh-drop-to-10500","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-weekly-forecast-risk-of-fresh-drop-to-10500\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Risk Of Fresh Drop To $10,500"},"content":{"rendered":"<ul>\n<li>After a decent rise, bitcoin price topped near the $12,325 level against the US Dollar.<\/li>\n<li>The price is currently correcting lower below $11,500, with a bearish angle.<\/li>\n<li>There was a break below a crucial contracting triangle with support near $11,750 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is currently holding the $11,200 support, but it could extend its decline to $10,500.<\/li>\n<\/ul>\n<p><em>Bitcoin price is currently correcting gains from $12,325 against the US Dollar. BTC price could correct lower towards $10,500 before it could rise again in the near term.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>In the past few days, there was a decent rise in bitcoin price above the $11,000 resistance against the US Dollar. The BTC\/USD pair traded above the $11,500 and $11,800 resistance levels. Moreover, there was a break above $12,000 and the price settled well above the 100 simple moving average (4-hours). A <a href=\"https:\/\/uniquehot.com\/2019\/08\/09\/bitcoin-price-btc-in-uptrend-can-bulls-clear-12k\/\" target=\"_blank\" rel=\"noopener noreferrer \">swing high was formed near $12,325<\/a> before the price started a downside correction.<\/p>\n<p>There was a <a href=\"https:\/\/uniquehot.com\/2019\/08\/10\/bitcoin-btc-price-approaching-crucial-break\/\" target=\"_blank\" rel=\"noopener noreferrer \">consolidation pattern<\/a> formed below $12,000 before the price started a downside correction. Moreover, there was a break below a crucial contracting triangle with support near $11,750 on the 4-hours chart of the BTC\/USD pair. The pair declined below the $11,500 support plus the 23.6% Fib retracement level of the last upward move from the $9,147 low to $12,325 high.<\/p>\n<p>It opened the doors for more losses and the price declined below the $11,400 level. Bitcoin price is now trading above the $11,200 support level and is consolidating losses. If there are more downsides, the price could test the $11,000 or $10,900 support level. The next key support is near the $10,740 level. It represents the 50% Fib retracement level of the last upward move from the $9,147 low to $12,325 high.<\/p>\n<p>However, the main support is near the $10,500 level and the 100 simple moving average (4-hours). The final stop for the bears could be the $10,350 level. It coincides with the 61.8% Fib retracement level of the last upward move from the $9,147 low to $12,325 high. On the upside, an immediate resistance is near the $11,500 level.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-9.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-392762\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-9.png?resize=1828%2C868\" alt=\"Bitcoin Price Weekly Analysis (BTC)\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-9.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-9.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-9.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-9.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-9.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-9.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-9.png?w=1140 1140w\" sizes=\"(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 correcting gains from the $12,325 high. It might continue to slide towards the $10,500 or $10,400 support. On the other hand, a successful break above $11,500 and a follow through above $11,800 is needed for more gains in the near term.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is gaining momentum in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently holding the 40 level.<\/p>\n<p>Major Support Level \u2013 $11,000<\/p>\n<p>Major Resistance Level \u2013 $11,800<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a decent rise, bitcoin price topped near the $12,325 level against the US Dollar. The price is currently correcting lower below $11,500, with a bearish angle. There was a break below a crucial contracting triangle with support near $11,750 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is currently holding the $11,200 support, but it could extend its decline to $10,500. Bitcoin price is currently correcting gains from $12,325 against the US Dollar. BTC price could correct lower towards $10,500 before it could rise again in the near term. Bitcoin Price Weekly Analysis (BTC) In the past few days, there was a decent rise in bitcoin price above the $11,000 resistance against the US Dollar. The BTC\/USD pair traded above the $11,500 and $11,800 resistance levels. Moreover, there was a break above $12,000 and the price settled well above the 100 simple moving average (4-hours). A swing high was formed near $12,325 before the price started a downside correction. There was a consolidation pattern formed below $12,000 before the price started a downside correction. Moreover, there was a break below a crucial contracting triangle with support near $11,750 on the 4-hours chart of the BTC\/USD pair. The pair declined below the $11,500 support plus the 23.6% Fib retracement level of the last upward move from the $9,147 low to $12,325 high. It opened the doors for more losses and the price declined below the $11,400 level. Bitcoin price is now trading above the $11,200 support level and is consolidating losses. If there are more downsides, the price could test the $11,000 or $10,900 support level. The next key support is near the $10,740 level. It represents the 50% Fib retracement level of the last upward move from the $9,147 low to $12,325 high. However, the main support is near the $10,500 level and the 100 simple moving average (4-hours). The final stop for the bears could be the $10,350 level. It coincides with the 61.8% Fib retracement level of the last upward move from the $9,147 low to $12,325 high. On the upside, an immediate resistance is near the $11,500 level. Looking at the chart, bitcoin price is clearly correcting gains from the $12,325 high. It might continue to slide towards the $10,500 or $10,400 support. On the other hand, a successful break above $11,500 and a follow through above $11,800 is needed for more gains in the near term. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently holding the 40 level. Major Support Level \u2013 $11,000 Major Resistance Level \u2013 $11,800<\/p>\n","protected":false},"author":67,"featured_media":344597,"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-392761","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: Risk Of Fresh Drop To $10,500<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently correcting gains from $12,325 against the US Dollar. 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