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Home Technical analysis

Bitcoin Price Watch: BTC At Continued Risk of Weakness

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
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  • Bitcoin price remained in a bearish zone below the $3,580 and $3,600 resistance levels against the US Dollar.
  • There is a major bearish trend line in place with resistance near $3,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently trading inside an expanding triangle with resistance near the $3,580 level.

Bitcoin price started consolidating losses above the $3,480 support against the US Dollar. BTC is likely to face a strong selling interest near the $3,580 and $3,600 levels.

Bitcoin Price Analysis

Yesterday, there was a significant downward move below the $3,650 support level in bitcoin price against the US Dollar. The BTC/USD pair even traded below the $3,560 support level and the 100 hourly simple moving average. It spiked below the $3,500 support and a low was formed near the $3,465 level. Later, the price recovered a few points above the $3,500 and $3,525 resistance levels. Besides, there was a break above the 23.6% Fib retracement level of the last drop from the $3,701 swing high to $3,467 low.

However, the previous support near the $3,550 and $3,560 levels acted as a strong barrier for buyers. The price even struggled to test the 50% Fib retracement level of the last drop from the $3,701 swing high to $3,467 low. There were a couple of swing moves near the $3,550 level, with no upside break. At the outset, the price is trading inside an expanding triangle with resistance near the $3,580 level. Moreover, there is a major bearish trend line in place with resistance near $3,600 on the hourly chart of the BTC/USD pair. Therefore, a break above the $3,580 and $3,600 resistance levels is needed for a decent recovery.

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Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price may continue to trade in a range below the $3,550 and $3,580 levels. The next move in BTC could be either above the $3,600 resistance or below $3,480.

Technical indicators

Hourly MACD – The MACD for BTC/USD is about to gain traction in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level, with a bearish angle.

Major Support Level – $3,480

Major Resistance Level – $3,600

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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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