{"id":384639,"date":"2019-06-02T05:00:08","date_gmt":"2019-06-02T05:00:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=384639"},"modified":"2024-06-11T12:52:16","modified_gmt":"2024-06-11T12:52:16","slug":"bitcoin-btc-price-weekly-forecast-technical-bias-signaling-fresh-increase","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-price-weekly-forecast-technical-bias-signaling-fresh-increase\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Technical Bias Signaling Fresh Increase"},"content":{"rendered":"
Bitcoin price recovered sharply after a major drop to $8,000 against the US Dollar. BTC is currently consolidating gains and it seems to be preparing for the next wave.<\/em><\/p>\n This past week, bitcoin price remained in a positive zone<\/a> and climbed above $8,800 against the US Dollar. The BTC\/USD pair even broke the $9,000 resistance level and traded to a new 2019 high. A swing high was formed near $9,090, but the price failed to stay above the $9,000 level. As a result, there was a sharp decline below the $8,800 and $8,6000 support levels.<\/p>\n Moreover, there was a break below a major bullish trend line with support near $8,540 on the 4-hours chart of the BTC\/USD pair. The decline was strong as the price even broke the $8,200 level. The price tested the key $8,000 support area and the 100 simple moving average (4-hours). It seems like the 100 simple moving average (4-hours) acted as a strong support<\/a> near $8,000. The price bounced back above $8,400 and $8,500. There was a break above the 23.6% Fib retracement level of the recent decline from the $9,093 high to $7,990 swing low.<\/p>\n The price even traded a few points above the $8,600 level. At the moment, the price is consolidating near the 50% Fib retracement level of the recent decline from the $9,093 high to $7,990 swing low. On the upside, an initial resistance is near the $8,650. If there is a clear break above $8,650 and $8,700, the price is likely to gain bullish momentum.<\/p>\nBitcoin Price Weekly Analysis (BTC)<\/h2>\n