Analysis Technical

Bitcoin Price Watch: BTC Could Make a Sustained Move Lower

Aayush Jindal | February 6, 2019 | 6:45 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC Could Make a Sustained Move Lower

Aayush Jindal | February 6, 2019 | 6:45 am
  • Bitcoin price extended losses and traded below the $3,400 and $3,375 supports against the US Dollar.
  • There was a break below a major bullish trend line with support at $3,405 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is trading with a bearish bias and it could extend declines below $3,350 and $3,320.

Bitcoin price failed to stay above $3,400 and extended decline against the US Dollar. BTC price broke the $3,375 support, opening the doors for more losses below the $3,320 support.

Bitcoin Price Analysis

There was a downside reaction after bitcoin price failed to trade above the $3,430 and $3,440 resistances against the US Dollar. The BTC/USD pair declined below the $3,400 support to move into a bearish zone. Sellers pushed the price below the 61.8% Fib retracement level of the last wave from the $3,372 low to $3,490 swing high. Finally, there was a break below the $3,375 support and the 100 hourly simple moving average.

Moreover, there was a break below a major bullish trend line with support at $3,405 on the hourly chart of the BTC/USD pair. The pair traded to a new weekly low at $3,350 and later corrected a few points. It traded above the 23.6% Fib retracement level of the recent decline from the $3,444 high to $3,350 low. The current price action is bearish and any upside correction towards the $3,400 level could find sellers. The main resistance is near the $3,400 level and the 50% Fib retracement level of the recent decline from the $3,444 high to $3,350 low. On the other hand, if the price resumes its decline, there could be a break below the $3,350 low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly signaling bearish extension below the $3,375 and $3,350 levels. The next key support is at $3,320, below which the price might test the $3,200 level.

Technical indicators

Hourly MACD – The MACD is currently gaining strength in the bearish zone, with no sign of a recovery.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold levels, with neutral moves.

Major Support Level – $3,350

Major Resistance Level – $3,400

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 top online casinos
in UK 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.