Categories: Bitcoin Business

Bitcoin Price Weekly Forecast: How BTC/USD Could End its Trendless Move?

Click here to view original web page at www.dailyfx.com

Bitcoin Price Outlook

Check out our Q3 USD and Gold forecasts . Download for free main currencies and commodities trading guides.

BTC/USD Price – Sideways Move

On Tuesday, Bitcoin corrected lower creating a lower high at 10,950. Since then the cryptocurrency has been moving without a clear direction.

Since August 13, the Relative Strength Index (RSI) remained flat crossing above and below 50 indicating to the lack of momentum for an upward nor a downward move.

Bitcoin PRICE DAILY CHART (Oct 1– AUG 16, 2019) Zoomed Out

Bitcoin PRICE DAILY CHART (May 28 – AUG 16, 2019) Zoomed In

Looking at the daily chart, we notice today Bitcoin testing a higher trading zone 10,300 – 11,103. Hence, a close above the high end of the zone could push the price to the high end. Further close above the high end may cause a rally towards 12,320. Nonetheless, the weekly resistance level marked on the chart (zoomed in) would be worth monitoring.

In turn, any failure in closing above the low end could send the price towards 9,940. Further close below this level could press the price even lower towards 9,500. Check the chart to know more about the lower trading zone/s with the support level BTC/USD sellers would need to watch closely.

Bitcoin PRICE FOUR Hour CHART (July 28 – AUg 16, 2019)

Looking at the four-hour chart, we notice on August 15 Bitcoin started an uptrend move creating higher highs with higher lows. On August 21, BTC/USD corrected lower carving out a lower low at 9,761.

Thus, a break below the August 15 low at 9,484 could send the price towards 9,080. However, the weekly support level underlined on the chart needs to be monitored. See the chart to know more about the lower support level Bitcoin price would encounter in a further bearish scenario.

On the flip-side, if BTC/USD overtakes the uptrend line originated from the aforementioned August 15 low, then breaks above 11,103 this suggests the cryptocurrency may rally towards 11,895. Although, the weekly resistance level underscored on the chart needs to be considered. See the chart to find out more about the higher resistance level Bitcoin price would face in a further bullish scenario.

Please feel free to contact me on Twitter: @Malkudsi

Check out our Q3 USD and Gold forecasts . Download for free main currencies and commodities trading guides. BTC/USD Price – Sideways Move

On Tuesday, Bitcoin […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Tom Lee: Another Big Leap for BTC Is Coming

Well, it looks like Tom Lee is back in the news, and when you really think about it, why shouldn’t… Read More

5 hours ago

Graeme Moore Publishes Bitcoin Book for Kids

A new book has emerged to teach children about bitcoin. Known as “B Is for Bitcoin,” the book shows children… Read More

5 hours ago

Key Technical Indicator Signals Bitcoin is Gearing Up for a Big Move

After inching higher yesterday, Bitcoin faced a somewhat strong rejection at just above $10,400, which has brought the cryptocurrency down… Read More

5 hours ago

Day Trading is a Great way to get Rekt, Study Finds

Making money in the financial or cryptocurrency world isn’t as easy as one might think. The volatility of Bitcoin and… Read More

5 hours ago

Bitcoin Is ‘The Most Extraordinary Bubble of Our Generation’ Says Trader

The next bitcoin bull market is only getting started, analyst claims. | Source: Shutterstock Bitcoin is up by almost 180%… Read More

5 hours ago

The Story Behind ‘B is for Bitcoin,’ an ABC Book for Kids

While writing B is for Bitcoin , an ABC children’s book about cryptocurrency, author Graeme Moore had an epiphany—children don’t… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More