Key Points
- Bitcoin price declined further below $3,900 and traded towards the $3,750 level against the US Dollar.
- There are two important bearish trend lines in place with resistance near $4,080 and $4,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to face a lot of offers near the $4,100-4,150 resistance area in the near term.
Bitcoin price declined towards the $3,750 level against the US Dollar. BTC/USD is recovering, but it could find a strong resistance near $4,080 or $4,150.
Bitcoin Price Analysis
Yesterday, we discussed that bitcoin price remains sell near the $4,200 level against the US Dollar. The BTC/USD pair did trade lower recently and broke the $3,950, $3,900 and $3,880 support levels. The price even traded below the $3,800 level and settled below the 100 hourly simple moving average. A new weekly low was formed at $3,734 before the price bounced back.
There was a decent recovery above the $3,800 and $3,880 levels. The price also moved above the 23.6% Fib retracement level of the recent decline from the $4,288 high to $3,734 low. However, there are many resistances on the upside near the $4,100-4,150 zone. Moreover, there are two important bearish trend lines in place with resistance near $4,080 and $4,150 on the hourly chart of the BTC/USD pair. An initial resistance is near the $4,010 level and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $4,288 high to $3,734 low is also at $4,011.
Looking at the chart, bitcoin price is trading below many important resistances near $4,100. As long as there is no close above $4,150, BTC may decline once again. On the downside, an initial support is at $3,880 followed by $3,750.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD moved back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI jumped back above the 50 level.
Major Support Level – $3,750
Major Resistance Level – $4,150
Author: Aayush Jindal
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