{"id":405890,"date":"2019-12-01T05:00:22","date_gmt":"2019-12-01T05:00:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=405890"},"modified":"2024-06-11T12:58:52","modified_gmt":"2024-06-11T12:58:52","slug":"bitcoin-weekly-forecast-btc-support","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-weekly-forecast-btc-support\/","title":{"rendered":"Bitcoin Weekly Forecast: BTC Eyeing Last Line Of Defense"},"content":{"rendered":"<ul>\n<li>After a decent recovery, bitcoin price faced resistance near the $7,880 level against the US Dollar.<\/li>\n<li>The price is currently correcting gains and it is trading near the $7,300 support area.<\/li>\n<li>There is a crucial bearish trend line forming with resistance near $7,678 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price might test $7,200 or $7,000 before a fresh wave towards the $7,700 resistance.<\/li>\n<\/ul>\n<p><em>Bitcoin price is struggling to continue higher above $7,500 and $7,800 against the US Dollar. BTC is approaching the $7,000 support and it could bounce back.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>This past week, bitcoin started a <a href=\"https:\/\/uniquehot.com\/2019\/11\/29\/bitcoin-btc-resilience-pauses-but-not-out-of-woods-yet\/\" target=\"_blank\" rel=\"noopener noreferrer \">decent recovery wave<\/a> from the $6,521 low against the US Dollar. BTC price gained pace above the $7,000 resistance area. Moreover, there was a break above the key $7,400 resistance area.<\/p>\n<p>Finally, the price rallied above the $7,600 level, but it struggled to test the $8,000 resistance area. It seems like the price formed a short term top near the $7,880 area and the 100 simple moving average (4-hours).<\/p>\n<p>More importantly, there is a crucial bearish trend line forming with resistance near $7,678 on the 4-hours chart of the BTC\/USD pair. Bitcoin price is currently correcting lower below the $7,500 level.<\/p>\n<p>Besides, the price is now trading below the 23.6% Fib retracement level of the recent wave from the $6,521 low to $7,873 high. On the downside, an immediate support is near the $7,200 level.<\/p>\n<p>Additionally, the 50% Fib retracement level of the recent wave from the $6,521 low to $7,873 high is near the $7,197 level to <a href=\"https:\/\/uniquehot.com\/2019\/11\/28\/bitcoin-cash-likely-setting-up-for-crucial-upside-break\/\" target=\"_blank\" rel=\"noopener noreferrer \">provide support<\/a>. If there are more downsides, the price could test the main $7,000 support area in the near term.<\/p>\n<p>Therefore, a daily close below the main $7,000 support could start a fresh bearish wave. In the mentioned case, the price is likely to break the $6,500 support in the near term.<\/p>\n<p>On the upside, the price is facing a lot of hurdles near the $7,700 and $7,800 levels. However, the price must settle above the $8,000 resistance area, the trend line, and the 100 simple moving average (4-hours) to start a strong rise in the coming weeks.<\/p>\n<figure id=\"attachment_405891\" aria-describedby=\"caption-attachment-405891\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-405891\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-405891\" 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 facing a fresh round of selling below $7,500. Though, the price is approaching a couple of important supports near $7,200 and $7,000, where the bulls are likely to take a stand.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is currently gaining bearish momentum.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now declining and it is well below the 50 level.<\/p>\n<p>Major Support Level \u2013 $7,000<\/p>\n<p>Major Resistance Level \u2013 $7,700<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a decent recovery, bitcoin price faced resistance near the $7,880 level against the US Dollar. The price is currently correcting gains and it is trading near the $7,300 support area. There is a crucial bearish trend line forming with resistance near $7,678 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The price might test $7,200 or $7,000 before a fresh wave towards the $7,700 resistance. Bitcoin price is struggling to continue higher above $7,500 and $7,800 against the US Dollar. BTC is approaching the $7,000 support and it could bounce back. Bitcoin Price Weekly Analysis (BTC) This past week, bitcoin started a decent recovery wave from the $6,521 low against the US Dollar. BTC price gained pace above the $7,000 resistance area. Moreover, there was a break above the key $7,400 resistance area. Finally, the price rallied above the $7,600 level, but it struggled to test the $8,000 resistance area. It seems like the price formed a short term top near the $7,880 area and the 100 simple moving average (4-hours). More importantly, there is a crucial bearish trend line forming with resistance near $7,678 on the 4-hours chart of the BTC\/USD pair. Bitcoin price is currently correcting lower below the $7,500 level. Besides, the price is now trading below the 23.6% Fib retracement level of the recent wave from the $6,521 low to $7,873 high. On the downside, an immediate support is near the $7,200 level. Additionally, the 50% Fib retracement level of the recent wave from the $6,521 low to $7,873 high is near the $7,197 level to provide support. If there are more downsides, the price could test the main $7,000 support area in the near term. Therefore, a daily close below the main $7,000 support could start a fresh bearish wave. In the mentioned case, the price is likely to break the $6,500 support in the near term. On the upside, the price is facing a lot of hurdles near the $7,700 and $7,800 levels. However, the price must settle above the $8,000 resistance area, the trend line, and the 100 simple moving average (4-hours) to start a strong rise in the coming weeks. Looking at the chart, bitcoin price is facing a fresh round of selling below $7,500. Though, the price is approaching a couple of important supports near $7,200 and $7,000, where the bulls are likely to take a stand. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is currently gaining bearish momentum. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now declining and it is well below the 50 level. Major Support Level \u2013 $7,000 Major Resistance Level \u2013 $7,700<\/p>\n","protected":false},"author":67,"featured_media":404052,"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-405890","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 Eyeing Last Line Of Defense<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to continue higher above $7,500 and $7,800 against the US Dollar. 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