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Bitcoin (BTC) Price Weekly Forecast: Remains Sell Until This Changes

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Bitcoin (BTC) Price Weekly Forecast: Remains Sell Until This Changes

There was a downside extension in bitcoin price below the $10,000 support against the US Dollar.The price is currently consolidating and is facing many hurdles on the upside near $10,400.There is a crucial bearish trend line forming with resistance near $10,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).There could be a strong upward move if the price surges above $10,400 and $10,500.Bitcoin price is facing an uphill task near $10,500 and $10,680 against the US Dollar. BTC remains in a downtrend unless the bulls gain strength above $10,500.Bitcoin Price Weekly Analysis (BTC)In the last weekly forecast, we discussed the Looking at the chart, bitcoin price is facing an uphill task near $10,400 and $10,500. Until there is a close above $10,500, the bears remain in actionTechnical indicators4 hours MACD – The MACD for BTC/USD is struggling to move into the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.Major Support Level – $9,800Major Resistance Level – $10,500

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Author: Aayush Jindal

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