Bitcoin Price Watch: BTC/USD Primed To Test $3,000

Key Factors

  • Bitcoin value declined additional and broke the $three,550 and $three,420 help ranges in opposition to the US Greenback.
  • There’s a main bearish pattern line shaped with resistance at $three,700 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The worth is more likely to decline additional and it could even take a look at the $three,000 degree within the close to time period.

Bitcoin value declined closely under $three,550 in opposition to the US Greenback. BTC/USD stays in a downtrend and it might even commerce in direction of $three,000 or $2,800.

Bitcoin Price Evaluation

After forming a brief time period help close to $three,550, there was a tiny restoration in bitcoin value in opposition to the US Greenback. The BTC/USD pair traded above the $three,750 degree, however upsides had been capped close to the $three,845 degree. Lastly, there was a recent decline and the value traded under the $three,550 and $three,420 help ranges. It’s now buying and selling effectively under the $three,750 degree and the 100 hourly easy transferring common.

A brand new multi month low was shaped at $three,288 and the value is at the moment consolidating losses. An preliminary resistance is the 23.6% Fib retracement degree of the final drop from the $three,849 excessive to $three,288 low. Nevertheless, there are a lot of resistances on the upside close to $three,550 and $three,555. The earlier help close to $three,550 is a serious hurdle. It coincides with the 50% Fib retracement degree of the final drop from the $three,849 excessive to $three,288 low. Furthermore, there’s a main bearish pattern line shaped with resistance at $three,700 on the hourly chart of the BTC/USD pair.

Wanting on the chart, bitcoin value is clearly positioned in a nasty downtrend under $three,550. So long as it’s buying and selling under $three,750, there may very well be extra losses. The subsequent cease for sellers under $three,250 could also be $three,000 and even $2,800.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly decreasing its bearish slope.

Hourly RSI (Relative Energy Index) – The RSI is transferring increased in direction of the 40 degree.

Main Help Stage – $three,250

Main Resistance Stage – $three,550

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