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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Price Watch: BTC Sellers Target Breakdown Below $3,000

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis bitcoin

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Key Points

  • Bitcoin price declined further and broke the $3,295 and $3,200 supports against the US Dollar.
  • There was a break below a major contracting triangle with support at $3,355 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price traded to a new weekly low at $3,150 and it is currently correcting losses.

Bitcoin price declined below the $3,200 support recently against the US Dollar. BTC could continue to face a lot of selling interest near the $3,350 and $3,375 levels.

Bitcoin Price Analysis

Yesterday, we discussed the chances of a fresh weekly low below $3,200 in bitcoin price against the US Dollar. The BTC/USD pair did trade lower and broke the $3,295 and $3,260 support levels. The price even broke the $3,200 support area to signal a major bearish wave. A new weekly low was formed at $3,150 and it seems like the price remains in a significant downtrend.

During the decline, there was a break below a major contracting triangle with support at $3,355 on the hourly chart of the BTC/USD pair. The pair is now trading well below the $3,400 level and the 100 hourly simple moving average. It recently corrected above the $3,230 level and the 23.6% Fib retracement level of the last slide from the $3,491 high to $3,150 low. However, buyers struggled to clear the $3,265-3,300 resistance zone. The next major hurdle is near the $3,360 level. It coincides with the 61.8% Fib retracement level of the last slide from the $3,491 high to $3,150 low. Besides, the triangle resistance trend line is at $3,375 to prevent gains.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly trading in a bearish zone below $3,375. There could be more losses below $3,150 and $3,000 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly reducing its bearish slope.

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

Major Support Level – $3,200

Major Resistance Level – $3,375

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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