RATE Group | Bitcoin Weekly Forecast: BTC Trend Overwhelmingly Bearish
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Bitcoin Weekly Forecast: BTC Trend Overwhelmingly Bearish

15 Dec Bitcoin Weekly Forecast: BTC Trend Overwhelmingly Bearish

Posted at 05:30h in Bitcoin News by

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  • After struggling to recover above $7,300, bitcoin price started a fresh decline against the US Dollar.
  • The price is currently trading in a bearish zone just above the $7,000 support area.
  • There is a key bearish trend line forming with resistance near $7,260 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to accelerate its decline if there is a downside break below the $7,000 support.

Bitcoin price is back in a downtrend below $7,200 against the US Dollar. BTC could continue to move down below $7,000 and $6,880 in the near term.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin struggled to recover above the $7,280 and $7,300 resistance levels against the US Dollar. Moreover, BTC price remained well below the $7,400 level and the 100 simple moving average (4-hours).

The recent decline was such that the price declined below the $7,100 support area. A new monthly low is formed near $7,008 and the price is currently consolidating losses.

An…

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