Bitcoin Price Watch: BTC’s Recovery Facing Significant Hurdles

  • Bitcoin price declined below the $3,550 support and tested the $3,380 level against the US Dollar.
  • There was a break below a major bullish trend line with support at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently recovering, but it could face strong resistances near $3,550. $3,580 and $3,640.

Bitcoin price extended losses below the $3,600 support against the US Dollar. BTC may recover in the short term, but upsides are likely to be capped by $3,600-3,650.

Bitcoin Price Analysis

In the weekly analysis, we saw a consolidation pattern above the $3,550 support in bitcoin price against the US Dollar. The BTC/USD pair traded in a range for some time, but later sellers managed to push the price below $3,550. The price declined heavily and broke the $3,500 and $3,400 support levels. There was even a close below the $3,500 level and the 100 hourly simple moving average. A new monthly low was formed at $3,372 and later the price started an upside correction.

It moved above the $3,500 level to move into a short term positive zone. There was a break above the 50% Fib retracement level of the last dive from the $3,649 high to $3,372 low. On the upside, there are many barriers for buyers, starting with $3,550. The previous support near $3,550 and $3,560 may perhaps act as a strong resistance. Above $3,560, the 76.4% Fib retracement level of the last dive from the $3,649 high to $3,372 low is at $3,585. Finally, there is a connecting bearish trend line in place with resistance at $3,600 on the hourly chart.

Looking at the chart, bitcoin price is likely to face a lot of sellers near the $3,550, $3,560, $3,585 and $3,600 levels. The main resistance is at $3,640, above which there is a chance of a solid recovery to $3,800. On the downside, a break below $3,375 could lead the price to $3,220.

Technical indicators

Hourly MACD – The MACD for BTC/USD moved back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher towards the 50 level, with a positive angle.

Major Support Level – $3,400

Major Resistance Level – $3,640

Author: Aayush Jindal

Source link

Related posts

17 Thoughts to “Bitcoin Price Watch: BTC’s Recovery Facing Significant Hurdles”

  1. Now I am going away to do my breakfast, when having my breakfast coming
    again to read other news.

  2. g

    Nice post. I was checking constantly this blog and I am impressed!
    Extremely helpful information particularly the
    closing section 🙂 I care for such info much. I was seeking this
    particular information for a very long time. Thank you and
    good luck.

  3. g

    Piece of writing writing is also a excitement,
    if you be familiar with afterward you can write otherwise it is
    complex to write.

  4. Having read this I believed it was extremely enlightening.
    I appreciate you finding the time and effort to put this information together.
    I once again find myself spending way too much time both reading
    and posting comments. But so what, it was still worth it!

  5. It’s fantastic that you are getting thoughts from this piece of writing as well as from our argument made here.

  6. I am really impressed with your writing skills and also with the layout
    on your blog. Is this a paid theme or did you
    modify it yourself? Either way keep up the nice quality writing,
    it is rare to see a nice blog like this one nowadays.

  7. Your style is unique compared to other people I’ve read stuff from.

    I appreciate you for posting when you’ve got the opportunity, Guess I’ll just bookmark this
    web site.

  8. I’m curious to find out what blog platform you’re utilizing?
    I’m having some small security problems with my latest blog and I would like to find
    something more secure. Do you have any solutions?

  9. Hmm it appears like your site ate my first comment (it was
    super long) so I guess I’ll just sum it up what I had written and say,
    I’m thoroughly enjoying your blog. I as well am an aspiring blog blogger but I’m still new to the whole thing.
    Do you have any tips and hints for beginner blog writers?
    I’d certainly appreciate it.

  10. Greate pieces. Keep posting such kind of info on your site.
    Im really impressed by your site.
    Hi there, You’ve done a fantastic job. I’ll certainly digg it and in my opinion recommend to my friends.

    I’m sure they’ll be benefited from this website.

  11. We’re a gaggle of volunteers and starting a brand new scheme in our community.
    Your website offered us with helpful information to work on.
    You have performed a formidable task and our entire neighborhood will likely be grateful to you.

  12. If you wish for to increase your experience just keep visiting this
    site and be updated with the newest information posted here.

  13. Hello! Someone in my Facebook group shared this site with us so I came to check it out.

    I’m definitely enjoying the information. I’m book-marking
    and will be tweeting this to my followers! Wonderful blog and
    excellent design.

  14. It’s remarkable to pay a visit this web site and reading the views of all friends about this article,
    while I am also keen of getting familiarity.

  15. You’re so awesome! I do not believe I’ve read through something
    like this before. So nice to find someone with unique thoughts on this subject
    matter. Really.. thank you for starting this up.

    This site is something that’s needed on the internet, someone with some originality!

  16. Superb post but I was wondering if you could write a litte more on this topic?
    I’d be very grateful if you could elaborate a little
    bit further. Cheers!

  17. Excellent post. Keep posting such kind of info on your site.
    Im really impressed by your site.
    Hey there, You have performed an excellent job. I’ll
    certainly digg it and in my opinion recommend to my friends.
    I’m sure they will be benefited from this site.

Leave a Comment