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

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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 high was formed near the $7,630 and the price is currently correcting lower.

There was a break below the $7,500 pivot level. Besides, the price traded below the 23.6% Fib retracement level of the upward wave from the $7,084 low to $7,630 high.

On the downside, an immediate support is near the $7,360 level. Additionally, the 50% Fib retracement level of the upward wave from the $7,084 low to $7,630 high is also near the $7,360 level.

The first important support is near the $7,300 level (the previous breakout resistance zone) and the 100 simple moving average (4-hours). Therefore, a downside break below the $7,320 support could increase selling pressure on bitcoin.

The next major support is near the $7,220 level. Any further losses may perhaps lead the price towards the $7,080 support area, below which there is a risk a drop below $7,000.

On the upside, the price is facing a lot of hurdles near the $7,500 level. More importantly, there is a major contracting triangle forming with resistance near $7,520 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the $7,520 resistance, the price could even rally above the $7,630 high.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above a couple of key supports near $7,220 and $7,080. Thus, there are high chances of an upside break above $7,530 unless the bulls fail to keep the price above $7,220 and $7,080.

Technical indicators

4 hours MACD – The MACD for BTC/USD is currently losing bullish momentum.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now declining and it is just below the 50 level.

Major Support Level – $7,220

Major Resistance Level – $7,530

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Crypto News

Cryptocurrency’s Price Hold Looks Strong as Capital Inflow Increases

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The cryptocurrency market had returned to a stagnant price movement after a few days of bullish rises. A majority of the users have been expectant of another surge soon as the immediate support of most 0f the altcoins have been elevated.

MIOTA, the cryptocurrency based on the Internet of Things [IOT] has had a great start to the year with several developments being discussed in the pipeline. This ranged from landmark partnerships with major organizations to internal network updates. After having a very sombre 2019, the cryptocurrency was not at the 23rd position on the price charts.

At press time, MIOTA was trading for $0.235 with a total market cap of $654.55 million. After a 5.8 percent drop in the previous 24 hours, the cryptocurrency’s 24-hour market volume had dipped to $9.39 million.

1 hour:

IOTA 1 hour
Tradingview.com

The hourly chart has been consistent for MIOTA after a sustained hold between $0.23 and $0.26. The immediate support was at $0.228 while the immediate resistance held at $0.25. After the bullish rise on January 17, the price has maintained a steady path.

The Relative Strength Index had fallen below the oversold zone for the first time since the start of the year. This crash indicated that the selling pressure was much higher than the buying pressure. Some analysts claim that is is because of the stagnated price movement.

The Chaikin Money Flow indicator had risen slightly above the zero line. This came at a time when there was an increase int the overselling characteristics of MIOTA. The hold above the zero line meant that the capital coming into the MIOTA market was much higher than the capital leaving the market.

The Parabolic SAR was above the price candles, a sign that MIOTA may be heading into bearish territory. The SAR markers have stayed up for the past 48 hours now.

1 day:

IOTA 1 day
Tradingview.com.

 

The daily chart projected a reprieve for MIOTA as the cryptocurrency was going up in value for the first time since October. The immediate support on the daily chart was $0.15 which was formed in mid-December.

The Chaikin Money Flow indicator was leaps and bounds above the zero line in the long term. Despite MIOTA’s low price hold last year, the community seems to have stuck with the cryptocurrency. The IOTA market has clearly been enjoying a higher influx of capital now than it had over the course of the past 6 months.

The Parabolic SAR was below the price candles in the long term. This means that the cryptocurrency could expect bullish gains soon. This has also been helped along by positive sentiment within the IOTA community.

The Relative Strength Index had fallen back into the graph after staying above the overbought zone. In the long term, more people were buying into MIOTA than those who were selling it. The graph might only shoot up again after the IOTA’s plans for 2020 comes to fruition.

Conclusion:

Although IOTA price at the moment looks bleak, the long term analysis showed a resurgent spark in the cryptocurrency. This also comes on the back of the much-hyped ‘altcoin surge’. Many people expect 2020 to be the year that a lot of assets other than BTC enter the limelight. IOTA with its multitude of updates lined up looks to be a solid contender to join that roster.

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