Bitcoin Price Watch: BTC/USD Remains In Downtrend Below $4,020

Key Points

  • Bitcoin price failed to break the $4,080 resistance level and declined recently against the US Dollar.
  • Yesterday’s highlighted two key bearish trend lines are active with resistance near $4,000 and $4,090 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains in a major downtrend and it could extend losses below $3,800 in the near term.

Bitcoin price is still in a bearish zone below $4,020 against the US Dollar. BTC/USD could accelerate losses once there is a break below the $3,740 support.

Bitcoin Price Analysis

Yesterday, we discussed that bitcoin price could face a solid resistance near $4,080 and $4,150 against the US Dollar. The BTC/USD pair recovered recently above the $3,920 resistance. There was even a break above the 50% Fib retracement level of the last slide from the $4,199 high to $3,737 low. However, the upside move was capped by the key $4,080 resistance area and the 100 hourly simple moving average.

The price failed near $4,080 and the 61.8% Fib retracement level of the last slide from the $4,199 high to $3,737 low. A fresh decline was initiated and the price moved below $4,000 and $3,920. It is currently trading near the $3,800 support, with a bearish angle. On the downside, an immediate support is near $3,740, below which the price may even break the $3,700 support zone. On the upside, there are many hurdles near the $4,000 level. Moreover, yesterday’s highlighted two key bearish trend lines are active with resistance near $4,000 and $4,090 on the hourly chart of the BTC/USD pair.

Looking at the chart, bitcoin price is clearly trading in a major downtrend below $4,020 and $4,080. As long as there is no close above $4,150, there could be consistent declines in BTC.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is now well below the 40 level.

Major Support Level – $4,020

Major Resistance Level – $3,740

Author: Aayush Jindal

Source link

Related posts

12 Thoughts to “Bitcoin Price Watch: BTC/USD Remains In Downtrend Below $4,020”

  1. ETIAS Visa

    Yes! Finally someone writes about ETIAS Visa.

  2. chair builder

    What’s up friends, its impressive piece of writing on the topic
    of teachingand completely explained, keep it up all the time.

  3. where to buy mdma molly ecstasy

    … [Trackback]

    […] Read More on to that Topic: tradingbtc.com/2018/12/05/bitcoin-price-watch-btc-usd-remains-in-downtrend-below-4020/ […]

  4. where do magic mushrooms grow? - origin …

    … [Trackback]

    […] Here you can find 28117 additional Information on that Topic: tradingbtc.com/2018/12/05/bitcoin-price-watch-btc-usd-remains-in-downtrend-below-4020/ […]

  5. คาสิโนออนไลน์เว็บตรง

    … [Trackback]

    […] There you can find 32523 more Info to that Topic: tradingbtc.com/2018/12/05/bitcoin-price-watch-btc-usd-remains-in-downtrend-below-4020/ […]

  6. สล็อตวอเลท

    … [Trackback]

    […] Find More on that Topic: tradingbtc.com/2018/12/05/bitcoin-price-watch-btc-usd-remains-in-downtrend-below-4020/ […]

  7. Guns For Sale Online

    … [Trackback]

    […] Read More on to that Topic: tradingbtc.com/2018/12/05/bitcoin-price-watch-btc-usd-remains-in-downtrend-below-4020/ […]

  8. buy a real driving licence​

    … [Trackback]

    […] Information on that Topic: tradingbtc.com/2018/12/05/bitcoin-price-watch-btc-usd-remains-in-downtrend-below-4020/ […]

  9. passive income examples

    … [Trackback]

    […] Read More on on that Topic: tradingbtc.com/2018/12/05/bitcoin-price-watch-btc-usd-remains-in-downtrend-below-4020/ […]

  10. Residual income opportunities

    … [Trackback]

    […] Information to that Topic: tradingbtc.com/2018/12/05/bitcoin-price-watch-btc-usd-remains-in-downtrend-below-4020/ […]

  11. tu peux vérifier

    … [Trackback]

    […] Find More Information here to that Topic: tradingbtc.com/2018/12/05/bitcoin-price-watch-btc-usd-remains-in-downtrend-below-4020/ […]

  12. mushroom microdosing side effects

    … [Trackback]

    […] Read More to that Topic: tradingbtc.com/2018/12/05/bitcoin-price-watch-btc-usd-remains-in-downtrend-below-4020/ […]

Leave a Comment