RATE Group | Bitcoin Weekly Forecast: BTC Price Turned Sell On Rallies
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Bitcoin Weekly Forecast: BTC Price Turned Sell On Rallies

17 Nov Bitcoin Weekly Forecast: BTC Price Turned Sell On Rallies

Posted at 08:06h in Bitcoin News by

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  • After settling below $9,000, bitcoin declined steadily against the US Dollar.
  • The price is under a lot of pressure below the $8,700 and $8,650 resistance levels.
  • There is a crucial bearish trend line forming with resistance near $8,630 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price could correct higher, but it is likely to face sellers near the $8,700 resistance area.

Bitcoin price is trading in a bearish zone towards $8,200 against the US Dollar. BTC remains sell on rallies unless there is a successful close above the $8,880 resistance.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin saw an increase in selling pressure below the $8,880 support area against the US Dollar. Moreover, BTC price settled below the $8,700 pivot level and the 100 simple moving average (4-hours).

There were steady losses and the price broke the $8,600 and $8,500 support levels. A new monthly low is formed near $8,382 and the price is clearly trading in a bearish zone.

It is…

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