Bitcoin Price Watch: BTC/USD Looks Set To Gain Pace Below $4,000

Key Factors

  • Bitcoin worth began a significant draw back transfer after it failed to interrupt the $four,600 resistance towards the US Greenback.
  • There’s a new bearish pattern line in place with resistance at $four,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The value is presently in a bearish zone and it might speed up losses beneath the $four,000 stage within the close to time period.

Bitcoin worth didn’t recuperate additional above $four,700 and declined towards the US Greenback. BTC/USD might speed up declines beneath the $four,000 assist space.

Bitcoin Price Evaluation

Yesterday, there as a tiny upside correction above the $four,500 stage in bitcoin worth towards the US Greenback. The BTC/USD pair failed to interrupt the $four,600 resistance and remained properly beneath the $four,700 pivot space. Later, the worth began a draw back transfer and traded beneath the $four,500 and $four,400 assist ranges. It’s presently buying and selling properly beneath the $four,500 stage and the 100 hourly easy shifting common.

The value additionally declined beneath the 61.eight% Fib retracement stage of the final wave from the $four,048 low to $four,600 excessive. It has opened the doorways for extra losses beneath the $four,200 assist space. It looks as if the worth might quickly check the final swing low at $four,048. If sellers acquire tempo, there are excessive possibilities of a draw back break beneath the $four,000 deal with within the close to time period. The following assist is close to the $three,900 stage. It coincides with the 1.236 Fib extension stage of the final wave from the $four,048 low to $four,600 excessive. Below this, the worth might maybe decline in the direction of the $three,800 stage.

Wanting on the chart, bitcoin worth is clearly beneath a variety of stress beneath $four,500. If sellers stay in motion within the brief time period, there may very well be a pointy decline beneath $four,000.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD is shifting closely within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI is presently simply close to the 40 stage.

Main Assist Stage – $four,000

Main Resistance Stage – $four,500

About Tom Greenly

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