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Bitcoin (BTC) Price Weekly Forecast: Risk of Extended Drop To $8,880
There was a major drop in bitcoin price after it broke the $12,000 support against the US Dollar.The price is currently holding the key $10,800 support area, but it remains at a risk of more losses.There was a break below a key bullish trend line with support at $12,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair could extend losses towards the $8,880 level if there is a successful break below $10,800.Bitcoin price is holding the key $10,800 support area against the US Dollar. Having said that, BTC remains at a risk of more losses if there is no break above $11,600 and $12,000.Bitcoin Price Weekly Analysis (BTC)This past week, bitcoin price declined heavily below the $12,200 and $12,000 support levels against the US Dollar. The BTC/USD pair even broke the $11,500 support and settled below the 100 simple moving average (4-hours). However, the bulls were able to hold the Looking at the chart, bitcoin price is clearly struggling to rebound above $12,000 and it could extend losses towards the $8,880 level if there is a successful break below $10,800.Technical indicators4 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 well below the 50 level.Major Support Level – $10.800Major Resistance Level – $12,000
Author: Aayush Jindal
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