Bitcoin Price Buy Weekly Forecast: Bulls Facing Uphill Task
- The recent recovery in bitcoin price faced a strong resistance near the $8,140 level against the US Dollar.
- The price is currently facing a strong resistance and it is likely to struggle near $8,000.
- There is a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could either break the $8,000 resistance and rally or decline below the $7,700 support area.
Bitcoin price is showing signs of weakness below the $8,000 barrier against the US Dollar. BTC could make the next move either above $8,000 or below $7,700 in the coming sessions.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price started a short term recovery after trading below $7,600 against the US Dollar. The BTC/USD pair traded as low as $7,441 and settled below the 100 simple moving average (4-hours). Recently, it recovered above the $7,700 and $7,800 resistance levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low.
However, the upward move faced a strong resistance near the $8,000 and $8,150 levels. The price also faced a strong resistance near the 50% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low. There is also a major bearish trend line forming with resistance near $7,950 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the trend line, the price could recover further above $8,150. The next key resistance is near the $8,300 level and the 100 simple moving average (4-hours).
The 61.8% Fib retracement level of the recent decline from the $8,835 high to $7,441 swing low is also near the $8,300 level to act as a hurdle for the bulls. If they surpass $8,300, the price could rally towards the $8,500 level. Conversely, if the price fails to move above the trend line and $8,000, there could be a downside break. On the downside, an immediate support is near the $7,700 level, below which there is a risk of more losses in the near term. The next key support is at $7,600, below which the price could even clear the $7,440 swing low.
Looking at the chart, bitcoin price seems to be trading near an important area at $8,000. If there is an upside break, the price could start a strong uptrend. If not, there is a risk of a fresh decline below the $7,700 and $7,500 support levels.
4 hours MACD – The MACD for BTC/USD is slowly moving in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the level 50, with a flat bias.
Major Support Level – $7,700
Major Resistance Level – $8,000
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