RATE Group | Bitcoin Weekly Forecast: BTC Won’t Go Quietly, Risk of Bounce Grows
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Bitcoin Weekly Forecast: BTC Won’t Go Quietly, Risk of Bounce Grows

08 Dec Bitcoin Weekly Forecast: BTC Won’t Go Quietly, Risk of Bounce Grows

Posted at 05:31h in Bitcoin News by

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  • After forming a base above $7,000, bitcoin price climbed above the $7,500 resistance against the US Dollar.
  • The price is currently correcting gains and it is trading below the $7,440 level.
  • There is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to stay above the $7,220 support and it could rally above the $7,500 resistance.

Bitcoin price is trading above a couple of important supports against the US Dollar. BTC is likely to rally and it could surge above the $7,500 resistance as long as above $7,000.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin remained well bid above the $7,000 and $7,080 support levels against the US Dollar. BTC price formed a support base above $7,220 and started a decent recovery wave.

The price climbed above the $7,400 resistance and the 100 simple moving average (4-hours). Moreover, the price surpassed the $7,500 and $7,550 resistance levels. A…

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