- Bitcoin price failed to stay above the $3,520 and $3,480 support levels against the US Dollar.
- There is a strong resistance formed near $3,500 and a bearish trend line on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price tested the $3,400 support and it remains at a risk of more losses towards $3,200 or $3,000.
Bitcoin Price Analysis
This past week, we discussed a couple of important hurdles near $3,600 and $3,650 for bitcoin price against the US Dollar. The BTC/USD pair failed to surpass the $3,650 resistance and finally reacted to the downside. There was a sharp decline below the $3,520 support, which dragged Ethereum, ripple and altcoins lower. The price even broke the $3,480 support level and the 100 hourly simple moving average. During the decline, there was a break below a connecting support trend line at $3,485. It opened the doors for more losses below $3,450.
A new weekly low was formed at $3,403 and the price moved into a bearish zone. If there is an upside correction, the price may find offers near $3,450. The next resistance is the 23.6% Fib retracement level of the last drop from the $3,672 high to $3,403 low. The main resistance is near $3,500 and a bearish trend line on the hourly chart of the BTC/USD pair. Therefore, if the pair corrects higher, it is likely to face sellers near $3,450 or $3,500.
Looking at the chart, bitcoin price is back in a negative zone below $3,500. It seems like there are chances of more losses towards the $3,200 support. If $3,200 fails to hold, the price may test $3,000. On the other hand, a proper close above $3,500 might push the price back in a positive zone.
Hourly MACD – The MACD for BTC/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is placed in the oversold area below 20.
Major Support Level – $3,200
Major Resistance Level – $3,500
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