Bitcoin Price Weekly Analysis – BTC/USD Breakdown is Real

Bitcoin Price Weekly Analysis BTC USD

Bitcoin Price Weekly Analysis – BTC/USD Breakdown is Real

Key Points

  • Bitcoin price is trading in a bearish zone below the $9,400 support level against the US Dollar.
  • There was a break below two major bullish trend lines with support at $10,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is trading lower and it may perhaps break the last swing low of $8,410 for more losses.

Bitcoin price is currently under pressure below $9,400 against the US Dollar. BTC/USD remains at a risk of more declines towards the $8,000 level.

Bitcoin Price Decline

It was a major bearish week since bitcoin price declined by more than 25% against the US Dollar. The price traded lower and broke a couple of important support levels such as $10,000 and $9,400. The current decline has opened the doors for more losses and it seems like the price may even test the $8,000 level. More importantly, during the downside, there was a break below two major bullish trend lines with support at $10,000 on the 4-hours chart of the BTC/USD pair.

The pair is now trading well below the $9,400 and the 100 simple moving average (4-hours). The recent low was formed at $8,413 from where an upside move was initiated. BTC price traded above the 23.6% Fib retracement level of the last decline from the $11,670 high to $8,413 low. However, the upside move was protected by the $9,400-9,500 levels. The stated $9,400 level was a support earlier and now it is acting as a barrier for more gains. The pair resumed its downtrend and it may soon retest the $8,400 level.

Bitcoin Price Weekly Analysis BTC USD

If the current pressure remains intact, there could be more losses toward $8,000. Below $8,000, the price may test $7,600.

Looking at the technical indicators:              

4-hours MACD – The MACD for BTC/USD is mostly in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well below the 40 level.

Major Support Level – $8,000

Major Resistance Level – $9,400


Charts courtesy –Trading View

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

  • nnsis

    Yippee!!!!!!!!! BTC crash to ZERO!

    • Peer Barnyngoz

      stooping to dieting on the shadow of early adopters? tough love bottom feeder.

      • Brian

        Early adopters wanted an Internet currency that could be used to buy goods, basically the next evolution of Paypal. Cryptocurrency has been hijacked by speculators that hoard and then unload “coins” to make a fast buck by riding the waves. This makes Bitcoin valueless as a currency to buy and sell goods directly, vendors of goods cannot accept a currency that has such volatility. Based on the original design goal: it’s already crashed to zero. As a scheme to get rich quick, at least it is more predictable than the lottery. Just learn how to surf on the retrace.

    • Kilua

      No, it is over 9000 again

  • George Layfield


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