Bitcoin (BTC) Price Weekly Forecast: Approaching Next Crucial Break

There was a solid upside correction initiated from the $9,100 swing low against the US Dollar.
The price gained traction after it broke the key $10,000 resistance area and traded towards $11,250.
There was a break above a major bearish trend line with resistance at $10,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair tested a crucial resistance near $11,250 and it is currently correcting lower.

Plenty Of Buyers For Four Figure Bitcoin But Where Will BTC Go Next?
Friday August 23, 2019

The market chop has continued all week as Bitcoin has oscillated between $11k and the high $9k price ranges. It has not remained in four figures for long but analysts are tending towards bearishness...

The post Plenty Of Buyers For Four Figure Bitcoin But Where Will BTC Go Next? appeared first on 12bitplay - Bitcoin Play.

Bitcoin price is showing positive signs above the $10,250 support against the US Dollar. However, BTC must break the $11,250 resistance zone to continue higher in the near term.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price extended its decline below the $10,000 support against the US Dollar. The BTC/USD pair even broke the $9,500 support and settled below the 100 simple moving average (4-hours). Finally, the price traded close to the $9,000 and formed a swing low near $9,100. A support base is formed above $9,200 and the price started an upside correction.
The recent wave was positive as the price broke the $10,000 and $10,250 resistance levels. The price even surpassed the 50% Fib retracement level of the last major slide from the $11,920 swing high to $9,101 swing low. Moreover, there was a break above a major bearish trend line with resistance at $10,400 on the 4-hours chart of the BTC/USD pair. The price climbed above the $10,800 resistance and even spiked above the $11,000 level.
However, the upward move was capped by the $11,250 resistance area and the 100 simple moving average (4-hours). The 76.4% Fib retracement level of the last major slide from the $11,920 swing high to $9,101 swing low also acted as a strong resistance. As a result, the price started a downside correction below the $11,000 level. At the outset, it seems like there is a rising channel forming with support near $10,500.
If there is a downside break below the channel support, the price could decline towards the $10,250 or $10,000 support area. On the upside, the main resistance is near the $11,250 level and the 100 simple moving average (4-hours). A successful close above the $11,250 is must for more gains. If not, the price could start a fresh decrease below $10,500.

Crypto Tidbits: Bitcoin Hash Rate High, Square Crypto Bags Hire, Libra in Turmoil
Saturday August 24, 2019

Another week, another of Crypto Tidbits. Bitcoin saw a fairly tumultuous week. The cryptocurrency nearly hit $11,000 this week, before falling to $9,900 in a massive 8% sell-off that resulted in a Bitcoin Fear...

The post Crypto Tidbits: Bitcoin Hash Rate High, Square Crypto Bags Hire, Libra in Turmoil appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, bitcoin price clearly tested a crucial resistance near $11,250. Therefore, a clear break above $11,250 is needed for the bulls to gain control in the coming sessions.
Technical indicators
4 hours MACD – The MACD for BTC/USD is struggling to gain traction in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
Major Support Level – $10,250
Major Resistance Level – $11,250
The post Bitcoin (BTC) Price Weekly Forecast: Approaching Next Crucial Break appeared first on NewsBTC.

Bitcoin Drops Below $10,000 as Support Wears Thin
Saturday August 24, 2019

Bitcoin (BTC) has once again found itself caught in the throes of a choppy trading range that provided little clarity as to whether or not it will begin venturing into the four-figure price region,...

The post Bitcoin Drops Below $10,000 as Support Wears Thin appeared first on 12bitplay - Bitcoin Play.

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