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Bitcoin Weekly Forecast: BTC/USD Price May Break Below Monthly Support

Bitcoin Weekly Forecast: BTC/USD Price May Break Below Monthly Support

2019-08-30 14:03:00
Mahmoud Alkudsi, Market Analyst
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Bitcoin Price Outlook

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BTC/USD Price – Trading Lower

On Monday, Bitcoin carved out a lower high at 10,660 ending the trendless move and hinting to a possible further decline on the horizon.

The Relative Strength Index (RSI) remained flat around 44 however, on August 26 the oscillator slipped to 38 highlighting the downtrend move is still intact.

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Bitcoin PRICE DAILY CHART (Oct 1, 2017 – AUG 30, 2019) Zoomed Out

Bitcoin price daily chart 30-08-19 Zoomed out.

Bitcoin PRICE DAILY CHART (May 28 – AUG 30, 2019) Zoomed In

Bitcoin price daily chart 30-08-19 Zoomed in

Looking at the daily chart, we notice since the start of the week Bitcoin struggled to move to the higher trading zone however failed and remained in the same zone 9,073 – 10,289.

On Wednesday, the price rebounded from the high end of the zone eyeing the low end. Thus, a close below the low end could send BTC/USD towards 7,426. Although, the weekly support levels marked on the chart (zoomed in) should be kept in focus.

On the other hand, any failure to close below the low end could push BTC/USD towards the high end. Further close above the high end may cause a rally towards 13,853. Nonetheless, the weekly resistance levels underscored on the chart should be watched along the way.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Bitcoin PRICE FOUR Hour CHART (July 28 – AUg 30, 2019)

Bitcoin price four hour chart 30-08-19

Looking at the four-hour chart, we notice on August 26 Bitcoin rebounded from 10,660 creating a higher high since then the crypto currency has started to decline. Yesterday, the price printed 9,327- its lowest level in nearly five weeks.

Thus, a break below 8,778 may send BTC/USD towards 8,370. Although, the weekly support level underlined on the chart needs to be monitored. See the chart to know more about lower support levels Bitcoin would face if the price falls further.

On the other hand, a break above the aforementioned August 26 High could push BTC/USD towards 11,103. However, the daily resistance underlined on the chart should be considered. See the chart to find out more about the weekly resistance levels Bitcoin would encounter if the price rallies further.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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