{"id":393434,"date":"2019-08-18T05:00:10","date_gmt":"2019-08-18T05:00:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=393434"},"modified":"2024-06-11T12:51:52","modified_gmt":"2024-06-11T12:51:52","slug":"bitcoin-btc-price-weekly-forecast-08-18-2019","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-price-weekly-forecast-08-18-2019\/","title":{"rendered":"Bitcoin (BTC) Price Weekly Forecast: Decline Far From Over"},"content":{"rendered":"
Bitcoin price is trading in a downtrend below $10,500 and $10,800 against the US Dollar. BTC price remains at a risk of more losses below the $9,800 support area.<\/em><\/p>\n In the last weekly forecast<\/a>, we discussed the chances of a strong decline in bitcoin price to $10,500 against the US Dollar. The BTC\/USD pair did decline in the past few days and even broke the $10,500 support level. Moreover, there was a break below $10,000 and a close below the 100 simple moving average (4-hours). The decline was such that the price even traded below $9,800 and a new monthly low was formed near $9,510.<\/p>\n Recently, the price started an upside correction above the $10,000 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last major decline from the $12,337 high to $9,510 swing low. However, the previous support near the $10,500 level is acting as a strong resistance. Additionally, there is a bearish continuation pattern forming with support near $10,080 on the 4-hours chart of the BTC\/USD pair.<\/p>\n If there is a downside break below the $10,000 support<\/a>, bitcoin price could resume its decline. An immediate support is near the $9,800 level, below which the price may perhaps revisit the $9,500 support level. Finally, if there are more downsides, the price could test the $9,200 and $9,000 levels.<\/p>\n On the upside, there are many important resistances near $10,500 and $10,800. Moreover, the 50% Fib retracement level of the last major decline from the $12,337 high to $9,510 swing low is near the $10,900 level. There is also a crucial bearish trend line forming with resistance near $10,800s. Therefore, a break above the $10,500 and $10,800 resistance levels won\u2019t be easy in the near term.<\/p>\nBitcoin Price Weekly Analysis (BTC)<\/h2>\n