Bitcoin (BTC) Price Weekly Forecast: Downtrend Intact Below $9K

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

There was a nasty decline in bitcoin below the $9,000 support against the US Dollar.
The price even declined below the $8,000 support and it is currently consolidating losses.
There is a declining channel forming with resistance near $8,350 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The price remains at a risk of more losses as long as it is trading below the $8,750 resistance area.

Bitcoin price is trading in a downtrend below $9,000 against the US Dollar. BTC is likely to test the $7,500 support or $7,200 before a substantial recovery.

Bitcoin Price Weekly Analysis (BTC)

This past week, there was a strong decline in BTC below the $10,000 support area against the US Dollar. The BTC/USD pair broke many supports near $9,500 and $9,000 to enter a bearish zone. Moreover, there was a close below $9,000 and the 100 simple moving average (4-hours). Finally, the price broke the $8,000 support and traded to a new monthly low near $7,742.

Recently, it started an upside correction above $8,000. Moreover, there was a break above the 50% Fib retracement level of the recent decline from the $8,677 high to $7,742 low. However, the upward move was capped by the $8,450 level. It seems like the 61.8% Fib retracement level of the recent decline from the $8,677 high to $7,742 low rejected the recovery.

Moreover, there is a declining channel forming with resistance near $8,350 on the 4-hours chart of the BTC/USD pair. If there is an upside break above $8,350 and $8,450, the price could recover further. The main resistance on the upside is near the $8,750 level. A successful close above $8,750 and a follow through above $9,000 is needed for a strong recovery in bitcoin in the near term.

On the downside, an initial support is near the $7,900 and $7,850 levels. If there is a downside break below the $7,850 support, the price could break the last swing low and continue lower. The main target for the bears could be $7,500. If there are more downsides, the price may perhaps test the $7,200 level.

Looking at the chart, bitcoin price is clearly trading in a bearish zone below the $8,750 and $9,000 resistance levels. It seems like there are chances of more downsides below $7,850 and $7,750. Once the current wave is complete near $7,500 or $7,200, the price could start a strong recovery.

Technical indicators

4 hours MACD – The MACD for BTC/USD is struggling to gain strength in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 40 level, with bearish signs.

Major Support Level – $7,850

Major Resistance Level – $8,750

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.