Analysis Technical

Bitcoin Price Weekly Analysis: Sell Rallies In BTC/USD Near $5,880

Aayush Jindal | November 18, 2018 | 6:30 am
technical analysis bitcoin
Analysis

Bitcoin Price Weekly Analysis: Sell Rallies In BTC/USD Near $5,880

Aayush Jindal | November 18, 2018 | 6:30 am

Key Points

  • Bitcoin price declined heavily and traded close to the $5,200 support level against the US Dollar.
  • There is a short term consolidation pattern formed with resistance at $5,550 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct higher towards $5,750 or $5,880, but upsides are likely to be contained.

Bitcoin price settled below key supports against the US Dollar. BTC/USD may recover in the short term, but sellers remain in control around $5,880.

Bitcoin Price Analysis

This past week, we saw a nasty decline from the $6,300 swing high in bitcoin price against the US Dollar. The BTC/USD pair collapsed below the $6,000 and $5,800 support levels to enter a bearish zone. The price even settled below the $5,800 level and the 100 simple moving average (4-hours). It traded close to the $5,200 level and formed a new yearly low at $5,206. Later, the price started an upside correction and recovered above the $5,400 and $5,500 levels.

Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $6,304 high to $5,206 low. However, the $5,550 and $5,600 levels are currently acting as hurdles. Moreover, there is a short term consolidation pattern formed with resistance at $5,550 on the 4-hours chart of the BTC/USD pair. It seems like the price may break the $5,550 and $5,600 resistances to extend the current recovery. However, there are many barriers on the upside near $5,750 and $5,880. Besides, the 61.8% Fib retracement level of the recent decline from the $6,304 high to $5,206 low is at $5,880 to act as a solid hurdle.

Bitcoin Price Analysis BTC Chart

Looking at the chart, BTC price may correct higher towards $5,750 or $5,880, but it is likely to face a strong selling interest.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is back in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently recovering above the 30 level.

Major Support Level – $5,200

Major Resistance Level – $5,880

Tags: ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.