Bitcoin (BTC) Price Weekly Forecast: Bulls Facing Uphill Task

The recent recovery in bitcoin price faced a strong resistance near the $8,140 level against the US Dollar.
The price is currently facing a strong resistance and it is likely to struggle near $8,000.
There is a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could either break the $8,000 resistance and rally or decline below the $7,700 support area.

Analysts Expect Ethereum to Follow Litecoin’s Lead and Skyrocket in Near Future, Here’s Why
Saturday June 15, 2019

The aggregated crypto markets have been facing an influx of bullish momentum over the past several months that is showing few signs of slowing down anytime soon. This momentum is allowing altcoins, like Ethereum...

The post Analysts Expect Ethereum to Follow Litecoin’s Lead and Skyrocket in Near Future, Here’s Why appeared first on 12bitplay - Bitcoin Play.

Bitcoin price is showing signs of weakness below the $8,000 barrier against the US Dollar. BTC could make the next move either above $8,000 or below $7,700 in the coming sessions.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price started a short term recovery after trading below $7,600 against the US Dollar. The BTC/USD pair traded as low as $7,441 and settled below the 100 simple moving average (4-hours). Recently, it recovered above the $7,700 and $7,800 resistance levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low.
However, the upward move faced a strong resistance near the $8,000 and $8,150 levels. The price also faced a strong resistance near the 50% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low. There is also a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the trend line, the price could recover further above $8,150. The next key resistance is near the $8,300 level and the 100 simple moving average (4-hours).
The 61.8% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low is also near the $8,300 level to act as a hurdle for the bulls. If they surpass $8,300, the price could rally towards the $8,500 level. Conversely, if the price fails to move above the trend line and $8,000, there could be a downside break. On the downside, an immediate support is near the $7,700 level, below which there is a risk of more losses in the near term. The next key support is at $7,600, below which the price could even clear the $7,440 swing low.

Clearing Up the Crypto Confusion For US-Based Binance Traders of Altcoins
Friday June 14, 2019

The crypto industry is in shock following news that Binance will be launching a US-based crypto exchange counterpart in the face of increased pressure from financial watchdogs, and moving forward with blocking US customers...

The post Clearing Up the Crypto Confusion For US-Based Binance Traders of Altcoins appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, bitcoin price seems to be trading near an important area at $8,000. If there is an upside break, the price could start a strong uptrend. If not, there is a risk of a fresh decline below the $7,700 and $7,500 support levels.
Technical indicators
4 hours MACD – The MACD for BTC/USD is slowly moving in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the level 50, with a flat bias.
Major Support Level – $7,700
Major Resistance Level – $8,000
The post Bitcoin (BTC) Price Weekly Forecast: Bulls Facing Uphill Task appeared first on NewsBTC.

Crypto Market Wrap: Consolidation Could Crack on Bitcoin’s Next Move
Friday June 14, 2019

Crypto markets still range bound; Bitcoin, BCH and BSV moving marginally, Litecoin, BNB and ADA fall back.  Market Wrap It has been another day of consolidation for crypto markets as they end the week...

The post Crypto Market Wrap: Consolidation Could Crack on Bitcoin’s Next Move appeared first on 12bitplay - Bitcoin Play.

You may also like...