Bitcoin Price Watch: BTC/USD Buyers Facing Uphill Task

Key Factors

  • Bitcoin worth struggled to interrupt the $four,120 resistance space and declined towards the US Greenback.
  • Yesterday’s highlighted essential bearish pattern line is lively with resistance at $three,900 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The worth is more likely to wrestle to clear the $three,900 and $four,000 resistance ranges within the close to time period.

Bitcoin worth remained beneath the $four,000 barrier towards the US Greenback. BTC/USD might decline beneath $three,600 if it fails to maneuver above the $four,000 barrier.

Bitcoin Price Evaluation

Yesterday, we noticed a brief time period upside transfer above $three,600 and $three,800 in bitcoin worth towards the US Greenback. The BTC/USD pair traded above the $four,000 barrier as nicely, nevertheless it failed to carry features. The worth was rejected close to the $four,100 barrier and the 100 hourly easy shifting common. It looks like patrons struggled to realize power above $four,000, leading to a bearish response.

A excessive was shaped at $four,126 and later the value declined beneath $four,000 and $three,900. The decline was such that the value even broke the $three,580 assist and traded as little as $three,513. Later, it corrected above $three,600 and the 23.6% Fib retracement stage of the latest drop from the $four,126 excessive to $three,513 low. On the upside, there are a lot of hurdles for patrons close to the $three,800 and $three,900 ranges. Furthermore, yesterday’s highlighted essential bearish pattern line is lively with resistance at $three,900 on the hourly chart of the BTC/USD pair. The 50% Fib retracement stage of the latest drop from the $four,126 excessive to $three,513 low can be close to $three,819.

Trying on the chart, bitcoin worth is clearly going through an uphill process close to the $three,900 and $four,000 ranges. If there isn’t a convincing break above $four,000, the value might decline in direction of the $three,600 and $three,500 ranges.

Trying on the technical indicators:

Hourly MACD – The MACD for BTC/USD is barely positioned within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI is presently simply close to the 50 stage.

Main Help Stage – $three,600

Main Resistance Stage – $four,000

About Tom Greenly

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