Bitcoin (BTC) Price Weekly Forecast: $8,300 Holds Key For Fresh Increase

  • After a sharp increase, bitcoin price corrected lower sharply below $8,500 against the US Dollar.
  • The price is currently consolidating above the key $8,300 support area.
  • There was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price must stay above the $8,300 and $8,250 support levels to start a fresh increase in the near term.

Bitcoin price is struggling to hold gains above $8,300 against the US Dollar. BTC needs to surpass the $8,500 and $8,550 resistance levels to continue higher.

Bitcoin Price Weekly Analysis (BTC)

This past week, BTC gained strong bullish momentum above the $8,300 and $8,350 resistances against the US Dollar. The BTC/USD pair climbed more than 5% and broke the $8,500 and $8,700 resistance levels. Moreover, there was a close above $8,500 and the 100 simple moving average (4-hours). A new monthly high was formed near the $8,934 level and later the price started a sharp downward move.

The price broke the $8,800 and $8,500 support levels. Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,763 low to $8,934 high. More importantly, there was a break below a key bullish trend line with support near $8,420 on the 4-hours chart of the BTC/USD pair. The pair even traded below the $8,350 support area.

At the moment, the price is consolidating losses above the $8,300 support area. It seems like there is a strong support forming near the $8,300 level and the 100 simple moving average (4-hours). Moreover, the 61.8% Fib retracement level of the upward move from the $7,763 low to $8,934 high is also near the $8,300. If there is a downside break below the $8,300 support area, bitcoin price could move back into a bearish zone.

The next key support area is near the $8,250 level, below which it could move towards the $8,000 level. On the upside, there is a major hurdle forming near the $8,500 and $8,550 levels. A convincing close above the $8,550 resistance area could set the tone for more upsides in the coming sessions.

Bitcoin Price Weekly Analysis (BTC)

Looking at the chart, bitcoin price is currently consolidating above the key $8,300 support area. As long as there is no daily close below $8,300, there are high chances of a fresh increase above the $8,500 resistance area in the near term.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level, with a positive angle.

Major Support Level – $8,300

Major Resistance Level – $8,500

The post Bitcoin (BTC) Price Weekly Forecast: $8,300 Holds Key For Fresh Increase appeared first on NewsBTC.

Post Author: Sitoski

Admin

Leave a Reply

Your email address will not be published.