Bitcoin Price Weekly Analysis: BTC/USD Nosedives Below $3,800

Key Factors

  • Bitcoin value fell considerably and traded beneath $Four,000 and $three,800 in opposition to the US Greenback.
  • There’s a main bearish development line shaped with resistance at $Four,200 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair is below strain beneath $three,800 and it might even break the $three,500 assist stage.

Bitcoin value tumbled greater than 15% and broke the $three,800 assist in opposition to the US Greenback. BTC/USD might speed up declines in direction of the $three,500 stage.

Bitcoin Price Evaluation

This previous week, there was a tiny upside correction above the $Four,300 stage in bitcoin value in opposition to the US Greenback. Nonetheless, the BTC/USD pair failed to realize traction above the $Four,400 and $Four,500 resistances. In consequence, there was a pointy draw back transfer and the worth declined beneath the $Four,000 assist. The worth declined greater than 12% and it’s at the moment buying and selling effectively beneath $three,800 and 100 easy shifting common (Four-hours).

A brand new yearly low was shaped at $three,620 and it looks like the present decline shouldn’t be over. The final swing low was at $three,678 earlier than the worth began an upside correction. It moved above the 23.6% Fib retracement stage of the latest decline from the $Four,340 excessive to $three,678 low. Nonetheless, the upside transfer was capped by the $Four,000 stage. The worth was additionally rejected close to the 50% Fib retracement stage of the latest decline from the $Four,340 excessive to $three,678 low. Lastly, the worth declined once more and broke the $three,678 swing low. A brand new low was shaped beneath $three,650 and it looks like there could possibly be extra losses. The subsequent key assist is close to $three,500, beneath which the worth might check $three,200.

Wanting on the chart, BTC value is dealing with numerous promoting strain beneath the $Four,000 and $three,800 stage. If there may be an upside correction, the worth might face sellers close to $Four,000.

Wanting on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is positioned closely within the bearish zone.

Four-hours RSI (Relative Power Index) – The RSI is at the moment effectively beneath the 20 stage.

Main Help Stage – $three,500

Main Resistance Stage – $Four,000

About Tom Greenly

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