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Bitcoin Price Watch: BTC/USD Bounce From Lows Could Fade Soon

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Key Points

  • Bitcoin price declined and broke the last swing low at $3,730 against the US Dollar.
  • There are two crucial bearish trend lines in place with resistance at $3,850 and $3,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could face a solid resistance and it could decline back towards $3,730.

Bitcoin price jumped back after trading towards $3,620 against the US Dollar. However, upsides remain capped near the $3,900 and buyers are likely to struggle.

Bitcoin Price Analysis

Recently, there was an increase in selling pressure on bitcoin price below the $4,000 level against the US Dollar. The BTC/USD pair failed to break the $4,000 and $4,020 resistance levels. It declined below the $3,730 swing low and settled below the 100 hourly simple moving average. The decline was such that the price traded to a new low near the $3,630 level. Later, buyers protected more declines and pushed the price back above $3,730.

There was a break above the 23.6% Fib retracement level of the recent decline from the $4,063 high to $3,630 low. However, there are many hurdles for buyers on the upside near the $3,900 level. There are also are two crucial bearish trend lines in place with resistance at $3,850 and $3,900 on the hourly chart of the BTC/USD pair. Moreover, the 50% Fib retracement level of the recent decline from the $4,063 high to $3,630 low is near $3,850. Therefore, the price is likely to struggle to clear the $3,850 and $3,900 resistance levels.

Looking at the chart, bitcoin price is currently recovering nicely, but sellers seem to waiting near $3.900. If buyers fail to push the price above $3,900, there could be a fresh decline. On the downside, the key supports are $3,730 and $3,620.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is now well above the 50 level.

Major Support Level – $3,730

Major Resistance Level – $3,900


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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This post is also available in: ruРусский (Russian)

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