• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
technical analysis bitcoin
Nexo Logo

Bitcoin Weekly Forecast: BTC Won’t Go Quietly, Risk of Bounce Grows

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2 mins read
Advertisement
  • After forming a base above $7,000, bitcoin price climbed above the $7,500 resistance against the US Dollar.
  • The price is currently correcting gains and it is trading below the $7,440 level.
  • There is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to stay above the $7,220 support and it could rally above the $7,500 resistance.

Bitcoin price is trading above a couple of important supports against the US Dollar. BTC is likely to rally and it could surge above the $7,500 resistance as long as above $7,000.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin remained well bid above the $7,000 and $7,080 support levels against the US Dollar. BTC price formed a support base above $7,220 and started a decent recovery wave.

The price climbed above the $7,400 resistance and the 100 simple moving average (4-hours). Moreover, the price surpassed the $7,500 and $7,550 resistance levels. A high was formed near the $7,630 and the price is currently correcting lower.

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

There was a break below the $7,500 pivot level. Besides, the price traded below the 23.6% Fib retracement level of the upward wave from the $7,084 low to $7,630 high.

On the downside, an immediate support is near the $7,360 level. Additionally, the 50% Fib retracement level of the upward wave from the $7,084 low to $7,630 high is also near the $7,360 level.

The first important support is near the $7,300 level (the previous breakout resistance zone) and the 100 simple moving average (4-hours). Therefore, a downside break below the $7,320 support could increase selling pressure on bitcoin.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The next major support is near the $7,220 level. Any further losses may perhaps lead the price towards the $7,080 support area, below which there is a risk a drop below $7,000.

On the upside, the price is facing a lot of hurdles near the $7,500 level. More importantly, there is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the $7,520 resistance, the price could even rally above the $7,630 high.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above a couple of key supports near $7,220 and $7,080. Thus, there are high chances of an upside break above $7,530 unless the bulls fail to keep the price above $7,220 and $7,080.

Technical indicators

4 hours MACD – The MACD for BTC/USD is currently losing bullish momentum.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now declining and it is just below the 50 level.

Major Support Level – $7,220

Major Resistance Level – $7,530

Tags: bitcoinbtc
Tweet123Share214ShareSend
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, Why ETH Remains At Risk Below $1,100

21 hours ago
Bitcoin

TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

24 hours ago
Ethereum

TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K

2 days ago
Bitcoin

TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

2 days ago
Bitcoin bear

Holding Back The Bears: Why Bitcoin Must Break $22,500

2 days ago
Ethereum

TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto To Add The Best Gains To Your Portfolio For Bull Market: Gnox (GNOX), Cronos (CRO) And NEAR Protocol (NEAR)

July 1, 2022

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

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

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 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.