Bitcoin Price Key Highlights
- Bitcoin price continued to move lower as buyers faced a lot of hurdles on the upside.
- On the downside, there is a major support around the last swing low of 260.00.
Bitcoin price continued to struggle to trade higher, and there is a chance of a break lower in the near term.
We highlighted this past week that the price might continue to trade lower, as there was a major resistance formed around 275.00. The price did move lower, and tested a critical support area of 260.00. Now, there is a crucial trend line formed on the hourly chart, which is acting as a resistance on the upside. As long as the price is below the highlighted trend line on the hourly chart, there is a possibility of a move lower.
More Losses Ahead
As mentioned there is a critical bearish trend line formed on the hourly chart, which acted as a hurdle on the upside. If the price moves higher from the current levels, then an initial resistance can be seen around the 38.2% fib retracement level of the last fall from the 285.00 high to 260.00 low. The Upper Bollinger Band is around the trend line resistance area. A break above highlighted trend line resistance area could take the price towards the 100 hourly SMA, which is sitting around the 61.8% Fib level. In short, there are many hurdles on the upside and buyers might struggle to take the price higher.
On the downside, the last low of 260.00 is a critical support area, and if sellers manage to clear it more declines towards the next support area at 250.00.
Intraday Support Level – 260.00
Intraday Resistance Level – 270.00
Overall, selling rallies close the highlighted trend line and resistance area is a good idea.
Charts courtesy of Trading View