Bitcoin Price Watch: BTC Turned Sell On Rallies Below $3,800

Aayush Jindal

Last Updated: June 11, 2024 12:57 pm

2 mins read

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Bitcoin price failed to rally above $4,080 and declined heavily below $3,800 against the US Dollar.
There was a break below a key bullish trend line with support at $4,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price tested the $3,550 support and it is currently consolidating losses above $3,600.

Bitcoin price made a sharp bearish turn below $4,000 and $3,800 against the US Dollar. BTC is now in a bearish zone and rallies near $3,800 could face a strong selling interest.

Bitcoin Price Analysis

Yesterday, we discussed a possible upside break above $4,100 and $4,200 in bitcoin price against the US Dollar. However, the BTC/USD pair failed to clear the key $4,080 resistance, resulting in a bearish reaction. The price declined heavily below the $4,000, $3,950 and $3,800 support levels. The decline was nasty as there was a close below $3,750 and the 100 hourly simple moving average.

During the decline, there was a break below a key bullish trend line with support at $4,000 on the hourly chart of the BTC/USD pair. The pair fell significantly and tested the next key support at $3,550-3,570. Later, the price started consolidating losses and traded above $3,600. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $4,037 high to $3,549 low. It seems like it won’t be easy for buyers to push the price above $3,660 or $3,680. If they succeed, the next major resistance is at $3,740. Moreover, the 50% Fib retracement level of the recent decline from the $4,037 high to $3,549 low is at $3,793.

Looking at the chart, bitcoin price is back in a bearish zone below $3,800 and $3,750. If sellers remain in action, there could be a downside break below the $3,550 and $3,540 support levels. On the other hand, a short term correction is likely to face sellers near $3,700 or $3,750.

Technical indicators

Hourly MACD – The MACD for BTC/USD is slowly moving in the bearish zone, but the bias remains bearish.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 40 level, with minor recovery signs.

Major Support Level – $3,540

Major Resistance Level – $3,750

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.

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.
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