{"id":406521,"date":"2019-12-08T05:00:51","date_gmt":"2019-12-08T05:00:51","guid":{"rendered":"https:\/\/ktsl888.com\/?p=406521"},"modified":"2024-06-11T12:58:48","modified_gmt":"2024-06-11T12:58:48","slug":"bitcoin-weekly-forecast-btc-bounce","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/","title":{"rendered":"Bitcoin Weekly Forecast: BTC Won&#8217;t Go Quietly, Risk of Bounce Grows"},"content":{"rendered":"<ul>\n<li>After forming a base above $7,000, bitcoin price climbed above the $7,500 resistance against the US Dollar.<\/li>\n<li>The price is currently correcting gains and it is trading below the $7,440 level.<\/li>\n<li>There is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely to stay above the $7,220 support and it could rally above the $7,500 resistance.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading above a couple of important supports against the US Dollar. BTC is likely to rally and it could surge above the $7,500 resistance as long as above $7,000.<\/em><\/p>\n<h2>Bitcoin Price Weekly Analysis (BTC)<\/h2>\n<p>This past week, bitcoin remained well bid above the <a href=\"https:\/\/ktsl888.com\/2019\/12\/06\/bitcoin-btc-trading-near-make-or-break-levels\/\" target=\"_blank\" rel=\"noopener noreferrer \">$7,000 and $7,080 support levels<\/a> against the US Dollar. BTC price formed a support base above $7,220 and started a decent recovery wave.<\/p>\n<p>The price climbed above the $7,400 resistance and the 100 simple moving average (4-hours). Moreover, the price surpassed the $7,500 and $7,550 resistance levels. A high was formed near the $7,630 and the price is currently correcting lower.<\/p>\n<p>There was a break below the $7,500 pivot level. Besides, the price traded below the 23.6% Fib retracement level of the upward wave from the $7,084 low to $7,630 high.<\/p>\n<p>On the downside, an immediate support is near the $7,360 level. Additionally, the 50% Fib retracement level of the upward wave from the $7,084 low to $7,630 high is also near the $7,360 level.<\/p>\n<p>The first important support is near the $7,300 level (the <a href=\"https:\/\/ktsl888.com\/2019\/12\/05\/bitcoin-btc-could-rise-again-before-fresh-monthly-low\/\" target=\"_blank\" rel=\"noopener noreferrer \">previous breakout resistance zone<\/a>) and the 100 simple moving average (4-hours). Therefore, a downside break below the $7,320 support could increase selling pressure on bitcoin.<\/p>\n<p>The next major support is near the $7,220 level. Any further losses may perhaps lead the price towards the $7,080 support area, below which there is a risk a drop below $7,000.<\/p>\n<p>On the upside, the price is facing a lot of hurdles near the $7,500 level. More importantly, there is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC\/USD pair. If there is an upside break above the $7,520 resistance, the price could even rally above the $7,630 high.<\/p>\n<figure id=\"attachment_406522\" aria-describedby=\"caption-attachment-406522\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-6.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-406522\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-6.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-6.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-6.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-6.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-6.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-6.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-6.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/Bitcoin-6.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-406522\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly trading above a couple of key supports near $7,220 and $7,080. Thus, there are high chances of an upside break above $7,530 unless the bulls fail to keep the price above $7,220 and $7,080.<\/p>\n<h2>Technical indicators<\/h2>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is currently losing bullish momentum.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now declining and it is just below the 50 level.<\/p>\n<p>Major Support Level \u2013 $7,220<\/p>\n<p>Major Resistance Level \u2013 $7,530<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After forming a base above $7,000, bitcoin price climbed above the $7,500 resistance against the US Dollar. The price is currently correcting gains and it is trading below the $7,440 level. There is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The price is likely to stay above the $7,220 support and it could rally above the $7,500 resistance. Bitcoin price is trading above a couple of important supports against the US Dollar. BTC is likely to rally and it could surge above the $7,500 resistance as long as above $7,000. Bitcoin Price Weekly Analysis (BTC) This past week, bitcoin remained well bid above the $7,000 and $7,080 support levels against the US Dollar. BTC price formed a support base above $7,220 and started a decent recovery wave. The price climbed above the $7,400 resistance and the 100 simple moving average (4-hours). Moreover, the price surpassed the $7,500 and $7,550 resistance levels. A high was formed near the $7,630 and the price is currently correcting lower. There was a break below the $7,500 pivot level. Besides, the price traded below the 23.6% Fib retracement level of the upward wave from the $7,084 low to $7,630 high. On the downside, an immediate support is near the $7,360 level. Additionally, the 50% Fib retracement level of the upward wave from the $7,084 low to $7,630 high is also near the $7,360 level. The first important support is near the $7,300 level (the previous breakout resistance zone) and the 100 simple moving average (4-hours). Therefore, a downside break below the $7,320 support could increase selling pressure on bitcoin. The next major support is near the $7,220 level. Any further losses may perhaps lead the price towards the $7,080 support area, below which there is a risk a drop below $7,000. On the upside, the price is facing a lot of hurdles near the $7,500 level. More importantly, there is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC\/USD pair. If there is an upside break above the $7,520 resistance, the price could even rally above the $7,630 high. Looking at the chart, bitcoin price is clearly trading above a couple of key supports near $7,220 and $7,080. Thus, there are high chances of an upside break above $7,530 unless the bulls fail to keep the price above $7,220 and $7,080. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is currently losing bullish momentum. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now declining and it is just below the 50 level. Major Support Level \u2013 $7,220 Major Resistance Level \u2013 $7,530<\/p>\n","protected":false},"author":67,"featured_media":344598,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-406521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Weekly Forecast: BTC Won&#039;t Go Quietly, Risk of Bounce Grows<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading above a couple of important supports against the US Dollar. 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BTC is likely to rally and it could surge above the $7,500 resistance as long as above $7,000.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-08T05:00:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T12:58:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc6-bullish.jpg?fit=1200%2C600\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aayush Jindal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@twitter.com\/AayushJs\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aayush Jindal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/\"},\"author\":{\"name\":\"Aayush Jindal\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/1f8631be4d0868de3fd2f21f17d9ae70\"},\"headline\":\"Bitcoin Weekly Forecast: BTC Won&#8217;t Go Quietly, Risk of Bounce Grows\",\"datePublished\":\"2019-12-08T05:00:51+00:00\",\"dateModified\":\"2024-06-11T12:58:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/\"},\"wordCount\":430,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc6-bullish.jpg?fit=1200%2C600\",\"keywords\":[\"bitcoin\",\"btc\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/\",\"url\":\"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/\",\"name\":\"Bitcoin Weekly Forecast: BTC Won't Go Quietly, Risk of Bounce Grows\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin-weekly-forecast-btc-bounce\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc6-bullish.jpg?fit=1200%2C600\",\"datePublished\":\"2019-12-08T05:00:51+00:00\",\"dateModified\":\"2024-06-11T12:58:48+00:00\",\"description\":\"Bitcoin price is trading above a couple of important supports against the US Dollar. 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