{"id":393434,"date":"2019-08-18T05:00:10","date_gmt":"2019-08-18T05:00:10","guid":{"rendered":"https:\/\/uniquehot.com\/?p=393434"},"modified":"2024-06-11T12:51:52","modified_gmt":"2024-06-11T12:51:52","slug":"bitcoin-btc-price-weekly-forecast-08-18-2019","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-weekly-forecast-08-18-2019\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Decline Far From Over"},"content":{"rendered":"<ul>\n<li>There was a strong drop in bitcoin price below the $10,500 support against the US Dollar.<\/li>\n<li>The price is currently correcting losses, but it remains below key hurdles near $10,500.<\/li>\n<li>There is a bearish continuation pattern forming with support near $10,080 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to resume its decline below the $10,000 and $9,800 support levels.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading in a downtrend below $10,500 and $10,800 against the US Dollar. BTC price remains at a risk of more losses below the $9,800 support area.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>In the last <a href=\"https:\/\/uniquehot.com\/2019\/08\/11\/bitcoin-btc-price-weekly-forecast-risk-of-fresh-drop-to-10500\/\" target=\"_blank\" rel=\"noopener noreferrer \">weekly forecast<\/a>, we discussed the chances of a strong decline in bitcoin price to $10,500 against the US Dollar. The BTC\/USD pair did decline in the past few days and even broke the $10,500 support level. Moreover, there was a break below $10,000 and a close below the 100 simple moving average (4-hours). The decline was such that the price even traded below $9,800 and a new monthly low was formed near $9,510.<\/p>\n<p>Recently, the price started an upside correction above the $10,000 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last major decline from the $12,337 high to $9,510 swing low. However, the previous support near the $10,500 level is acting as a strong resistance. Additionally, there is a bearish continuation pattern forming with support near $10,080 on the 4-hours chart of the BTC\/USD pair.<\/p>\n<p>If there is a <a href=\"https:\/\/uniquehot.com\/2019\/08\/17\/bitcoin-btc-price-hesitates-but-further-recovery-likely\/\" target=\"_blank\" rel=\"noopener noreferrer \">downside break below the $10,000 support<\/a>, bitcoin price could resume its decline. An immediate support is near the $9,800 level, below which the price may perhaps revisit the $9,500 support level. Finally, if there are more downsides, the price could test the $9,200 and $9,000 levels.<\/p>\n<p>On the upside, there are many important resistances near $10,500 and $10,800. Moreover, the 50% Fib retracement level of the last major decline from the $12,337 high to $9,510 swing low is near the $10,900 level. There is also a crucial bearish trend line forming with resistance near $10,800s. Therefore, a break above the $10,500 and $10,800 resistance levels won\u2019t be easy in the near term.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-16.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-393435\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-16.png?resize=1828%2C868\" alt=\"Bitcoin Price Weekly Analysis BTC Chart Forecast\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-16.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-16.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-16.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-16.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-16.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-16.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-16.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 trading in a bearish zone below $10,500. Therefore, there is a risk of more downsides below the $10,000 and $9,800 support levels. To start a strong recovery, the price must surpass the $10,500 and $10,800 resistance levels.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is about to move back into the bearish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining towards the 25 level.<\/p>\n<p>Major Support Level \u2013 $10,000<\/p>\n<p>Major Resistance Level \u2013 $10,500<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was a strong drop in bitcoin price below the $10,500 support against the US Dollar. The price is currently correcting losses, but it remains below key hurdles near $10,500. There is a bearish continuation pattern forming with support near $10,080 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to resume its decline below the $10,000 and $9,800 support levels. Bitcoin price is trading in a downtrend below $10,500 and $10,800 against the US Dollar. BTC price remains at a risk of more losses below the $9,800 support area. Bitcoin Price Weekly Analysis (BTC) In the last weekly forecast, we discussed the chances of a strong decline in bitcoin price to $10,500 against the US Dollar. The BTC\/USD pair did decline in the past few days and even broke the $10,500 support level. Moreover, there was a break below $10,000 and a close below the 100 simple moving average (4-hours). The decline was such that the price even traded below $9,800 and a new monthly low was formed near $9,510. Recently, the price started an upside correction above the $10,000 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last major decline from the $12,337 high to $9,510 swing low. However, the previous support near the $10,500 level is acting as a strong resistance. Additionally, there is a bearish continuation pattern forming with support near $10,080 on the 4-hours chart of the BTC\/USD pair. If there is a downside break below the $10,000 support, bitcoin price could resume its decline. An immediate support is near the $9,800 level, below which the price may perhaps revisit the $9,500 support level. Finally, if there are more downsides, the price could test the $9,200 and $9,000 levels. On the upside, there are many important resistances near $10,500 and $10,800. Moreover, the 50% Fib retracement level of the last major decline from the $12,337 high to $9,510 swing low is near the $10,900 level. There is also a crucial bearish trend line forming with resistance near $10,800s. Therefore, a break above the $10,500 and $10,800 resistance levels won\u2019t be easy in the near term. Looking at the chart, bitcoin price is clearly trading in a bearish zone below $10,500. Therefore, there is a risk of more downsides below the $10,000 and $9,800 support levels. To start a strong recovery, the price must surpass the $10,500 and $10,800 resistance levels. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is about to move back into the bearish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining towards the 25 level. Major Support Level \u2013 $10,000 Major Resistance Level \u2013 $10,500<\/p>\n","protected":false},"author":67,"featured_media":393436,"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-393434","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: Decline Far From Over<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a downtrend below $10,500 and $10,800 against the US Dollar. 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