|BTC Price: $10,298
Last 7 Days: 0.50% 1month: 0.89% 12months: +60.94%
In the last weekly forecast, we saw the Bitcoin price holding the key $10,000 support area against the US Dollar. The BTC/USD pair rallied and traded above the well-trodden resistance area of $10,000 but more importantly we saw a break through $10,750 and the 100 simple moving average. However, the bears of the pair put this rally down swiftly resulting in the price failing to continue higher and topping out below the $11,000 resistance. A swing high was formed near $10,950 and since then a decline has been engaged resulting in the key support area of $10,500 being triggered and even declining further below $10,000. Finally a swing low was formed by the level of $9,900 and since then the price is correcting higher. Looking upwards we can see hurdles by the levels of $10,400 and $10,550 and alongside this the price is struggling to climb above the 50% retracement level of the last decline from the $10,954 high to $9,903 low. If we can see a break above the key resistance of $10,500 then the next level to watch would be $10,800.
9th September: $17,595,943,368 (BTC Price of $10,334)
16th September: $12,376,858,561 (BTC Price of $10,365)
29% decrease in trading volume in the last 7 days