{"id":407332,"date":"2019-12-15T05:08:26","date_gmt":"2019-12-15T05:08:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=407332"},"modified":"2024-06-11T12:58:54","modified_gmt":"2024-06-11T12:58:54","slug":"bitcoin-weekly-forecast-btc-trend-overwhelmingly-bearish","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-weekly-forecast-btc-trend-overwhelmingly-bearish\/","title":{"rendered":"Bitcoin Weekly Forecast: BTC Trend Overwhelmingly Bearish"},"content":{"rendered":"<ul>\n<li>After struggling to recover above $7,300, bitcoin price started a fresh decline against the US Dollar.<\/li>\n<li>The price is currently trading in a bearish zone just above the $7,000 support area.<\/li>\n<li>There is a key bearish trend line forming with resistance near $7,260 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely to accelerate its decline if there is a downside break below the $7,000 support.<\/li>\n<\/ul>\n<p><em>Bitcoin price is back in a downtrend below $7,200 against the US Dollar. BTC could continue to move down below $7,000 and $6,880 in the near term.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>This past week, bitcoin <a href=\"https:\/\/uniquehot.com\/2019\/12\/13\/bitcoin-btc-flirts-with-key-resistance\/\" target=\"_blank\" rel=\"noopener noreferrer \">struggled to recover above the $7,280 and $7,300 resistance levels<\/a> against the US Dollar. Moreover, BTC price remained well below the $7,400 level and the 100 simple moving average (4-hours).<\/p>\n<p>The recent decline was such that the price declined below the $7,100 support area. A new monthly low is formed near $7,008 and the price is currently consolidating losses.<\/p>\n<p>An initial resistance is near the $7,100 level. Additionally, the first hurdle is near the $7,165 level or the 23.6% Fib retracement level of the downward move from the $7,668 high to $7,008 low.<\/p>\n<p>The next major resistance is near the $7,280 level. Besides, there is a key bearish trend line forming with resistance near $7,260 on the 4-hours chart of the BTC\/USD pair. Above the trend line, the 100 simple moving average (4-hours) is near the $7,340 area.<\/p>\n<p>More importantly, the 50% Fib retracement level of the downward move from the $7,668 high to $7,008 low is near the $7,338 level. Therefore, the $7,280 and $7,340 levels are <a href=\"https:\/\/uniquehot.com\/2019\/12\/12\/bitcoin-btc-breakdown-below-7k-likely-6-5k-could-be-next\/\" target=\"_blank\" rel=\"noopener noreferrer \">important hurdles for a decent recovery<\/a> in the near term.<\/p>\n<p>A clear break above the $7,340 level is likely to open the doors for more upsides above the $7,400 level. On the downside, an immediate support is near the $7,000 level.<\/p>\n<p>If there is a downside break below the $7,000 support, there is a risk of a sharp decline below the $6,880 support. The next major support is near the $6,600 and $6,500 levels, where buyers are likely to appear.<\/p>\n<figure id=\"attachment_407333\" aria-describedby=\"caption-attachment-407333\" style=\"width: 1941px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-12.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-407333\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-12.png?resize=1941%2C1141\" alt=\"Bitcoin Price \" width=\"1941\" height=\"1141\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-12.png?w=1941 1941w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-12.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-12.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-12.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-12.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-12.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/12\/Bitcoin-12.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-407333\" 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 trading below a couple of important resistances near the $7,280 level. The next move could be either a sharp decline below $7,000 or a decent recovery above the $7,280 resistance area.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is slowly gaining bearish momentum.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still declining and it is approaching the oversold area.<\/p>\n<p>Major Support Level \u2013 $7,000<\/p>\n<p>Major Resistance Level \u2013 $7,280<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After struggling to recover above $7,300, bitcoin price started a fresh decline against the US Dollar. The price is currently trading in a bearish zone just above the $7,000 support area. There is a key bearish trend line forming with resistance near $7,260 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The price is likely to accelerate its decline if there is a downside break below the $7,000 support. Bitcoin price is back in a downtrend below $7,200 against the US Dollar. BTC could continue to move down below $7,000 and $6,880 in the near term. Bitcoin Price Weekly Analysis (BTC) This past week, bitcoin struggled to recover above the $7,280 and $7,300 resistance levels against the US Dollar. Moreover, BTC price remained well below the $7,400 level and the 100 simple moving average (4-hours). The recent decline was such that the price declined below the $7,100 support area. A new monthly low is formed near $7,008 and the price is currently consolidating losses. An initial resistance is near the $7,100 level. Additionally, the first hurdle is near the $7,165 level or the 23.6% Fib retracement level of the downward move from the $7,668 high to $7,008 low. The next major resistance is near the $7,280 level. Besides, there is a key bearish trend line forming with resistance near $7,260 on the 4-hours chart of the BTC\/USD pair. Above the trend line, the 100 simple moving average (4-hours) is near the $7,340 area. More importantly, the 50% Fib retracement level of the downward move from the $7,668 high to $7,008 low is near the $7,338 level. Therefore, the $7,280 and $7,340 levels are important hurdles for a decent recovery in the near term. A clear break above the $7,340 level is likely to open the doors for more upsides above the $7,400 level. On the downside, an immediate support is near the $7,000 level. If there is a downside break below the $7,000 support, there is a risk of a sharp decline below the $6,880 support. The next major support is near the $6,600 and $6,500 levels, where buyers are likely to appear. Looking at the chart, bitcoin price is clearly trading below a couple of important resistances near the $7,280 level. The next move could be either a sharp decline below $7,000 or a decent recovery above the $7,280 resistance area. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is slowly gaining bearish momentum. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still declining and it is approaching the oversold area. Major Support Level \u2013 $7,000 Major Resistance Level \u2013 $7,280<\/p>\n","protected":false},"author":67,"featured_media":393313,"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-407332","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 Trend Overwhelmingly Bearish<\/title>\n<meta name=\"description\" content=\"Bitcoin price is back in a downtrend below $7,200 against the US Dollar. 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