• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin (BTC) Price Weekly Forecast: Remains Sell Until This Changes

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
Bitcoin price BTC decline
Advertisement
  • There was a downside extension in bitcoin price below the $10,000 support against the US Dollar.
  • The price is currently consolidating and is facing many hurdles on the upside near $10,400.
  • There is a crucial bearish trend line forming with resistance near $10,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • There could be a strong upward move if the price surges above $10,400 and $10,500.

Bitcoin price is facing an uphill task near $10,500 and $10,680 against the US Dollar. BTC remains in a downtrend unless the bulls gain strength above $10,500.

Bitcoin Price Weekly Analysis (BTC)

In the last weekly forecast, we discussed the chances of more downsides in bitcoin price below $10,500 against the US Dollar. The BTC/USD pair did extend its decline and traded below the $10,200 and $10,000 support levels. The decline was such that the price even spiked below the $9,800 support level. Moreover, there was a close below the 100 simple moving average (4-hours) and the last swing low was formed near $9,757.

The price recovered above the $10,000 level plus the 23.6% Fib retracement level of the recent drop from the $10,964 high to $9,757 low. However, the upward move was capped near the $10,400 and $10,500 resistance levels. Moreover, the price struggled to gain momentum above the 50% Fib retracement level of the recent drop from the $10,964 high to $9,757 low.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Clearly, there is a strong resistance forming near $10,400 and $10,500. More importantly, there is a crucial bearish trend line forming with resistance near $10,400 on the 4-hours chart of the BTC/USD pair. Above the trend line, the next key resistance is near the $10,680 level and the 100 simple moving average (4-hours). It also coincides with the 76.4% Fib retracement level of the recent drop from the $10,964 high to $9,757 low.

Therefore, an upside break above $10,500 and $10,680 could spark a strong upward move in bitcoin. The next stop for the bulls could be near the $10,900 and $11,000 levels. Conversely, if the price struggles to gain traction above $10,400 and $10,500, there could be a fresh decline. An immediate support is near the $10,000 level. However, the main support is near the $9,800 area, below which the price could tumble.

Bitcoin Price Weekly Analysis (BTC)

Looking at the chart, bitcoin price is facing an uphill task near $10,400 and $10,500. Until there is a close above $10,500, the bears remain in action

Technical indicators

4 hours MACD – The MACD for BTC/USD is struggling to move into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.

Major Support Level – $9,800

Major Resistance Level – $10,500

Tags: bitcoinbtc
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

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.

Related Posts

Ethereum

TA: Ethereum Trims Gains, Here’s What Could Trigger A Fresh Rally

8 hours ago
Bitcoin

TA: Bitcoin Dives Below Key Support, Here’s Why BTC Bears Are Back

10 hours ago
bitcoin bull

Bitcoin Price Breakdown: Bulls In Trouble As $50,000 Is Lost

10 hours ago
bitcoin bulls blood pumping

Bitcoin Loses Important Lifeline That Got Bulls Blood Pumping

21 hours ago
Ethereum

TA: Here’s How Ethereum Could Rally To New ATH Above $2,500

1 day ago
Bitcoin

TA: Bitcoin Stuck in Range, Here’s What Could Trigger More Losses

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

BitMinutes Announces Partnership with GoodDollar, Embracing Opportunity for Social Good

April 22, 2021

Hodlnaut Selects Fireblocks to Secure Assets With Next-Generation MPC Security

April 23, 2021

From Startup to Success Story — Morpheus.Network is Transforming Global Trade With Blockchain

April 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.