{"id":408274,"date":"2019-12-22T06:00:32","date_gmt":"2019-12-22T06:00:32","guid":{"rendered":"https:\/\/uniquehot.com\/?p=408274"},"modified":"2024-06-11T13:35:37","modified_gmt":"2024-06-11T13:35:37","slug":"bitcoin-weekly-forecast-is-this-right-time-to-buy-btc","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-weekly-forecast-is-this-right-time-to-buy-btc\/","title":{"rendered":"Bitcoin Weekly Forecast: Is This Right Time To Buy BTC?"},"content":{"rendered":"
Bitcoin price is now trading in a positive zone above $7,000 against the US Dollar. BTC remains well supported on dips as long as there is no close below $6,830.<\/em><\/p>\n This past week, bitcoin started a strong recovery wave<\/a> from the $6,400-$6,500 support area against the US Dollar. BTC price broke a few hurdles near the $7,000 level and the 100 simple moving average (4-hours).<\/p>\n Moreover, the price rallied above the $7,200 and $7,300 resistance levels. Finally, it traded close to the $7,500 resistance and a new weekly high was formed near the $7,486 level.<\/p>\n Later, bitcoin started a downside correction below the $7,300 level and the 100 simple moving average (4-hours). Besides, there was a break below the 23.6% Fib retracement level of the upward move from the $6,435 low to $7,486 high.<\/p>\n At the moment, the price seems to be trading in a range above the $7,000 support and below the $7,240 resistance. Additionally, there is likely a bullish continuation pattern forming resistance near $7,180 on the 4-hours chart of the BTC\/USD pair.<\/p>\n Therefore, if there is an upside break above the $7,180 and $7,240 resistance levels, the price could start another bullish wave<\/a>. An immediate resistance is near the $7,300 level, above which the price could rally towards $7,500 and $7,600.<\/p>\n Conversely, there could be a downside break below the $7,100 and $7,000 support levels. In the mentioned case, the price might test the $6,960 support area. It represents the 50% Fib retracement level of the upward move from the $6,435 low to $7,486 high.<\/p>\n The main support is near the $6,830 level, below which the price is likely to restart its downtrend and move back into a bearish zone. The next major supports are near $6,500 and $6,400.<\/p>\nBitcoin Price Weekly Analysis (BTC)<\/h2>\n