Bitcoin cost recently traded as high-pitched as $3,919 and later started a downside correction against the U s dollars. There is a major bearish trend line organized with fight at $3,800 on the hourly chart of the BTC/ USD duo( data feed from Kraken ). The toll must stay above the $3,740 patronize position to bounce back in the very near term.
Bitcoin price started a downside correction towards $3,700 against the US Dollar. BTC could clamber higher once again if customers continue to defend $3,740.
Bitcoin Price Analysis
Yesterday, we interpreted a decent upward move above the $3,800 resistance in bitcoin price against the U s dollars. The BTC/ USD pair even broke the $3,900 defiance and traded towards the $3,920 elevation. A high-pitched was modelled at $3,919 and later the toll started a downside chastening. It lessened below the $3,850 support to move into a short term bearish area. The expenditure too rejected below the 50% Fib retracement stage of the last wave from the $3,645 low-grade to $3,919 high.
Sellers pushed the cost below the $3,800 level and there was a test of the $3,740 reinforcement. Purchasers protected the 61.8% Fib retracement degree of the last wave from the $3,645 low to $3,919 high. At the moment, the toll is consolidating advantages above the $3,740 approval and the 100 hourly simple moving median. On the upside, there is a strong resistance structured near the $3,800 height. Furthermore, there is a major bearish trend line worded with resist at $3,800 on the hourly planned of the BTC/ USD pair.
Looking at the chart, bitcoin price must break the trend line and the $3,840 resist elevation to clamber higher once again. On the downside, the prime brace is at $3,740, below which the expenditure may diminish further towards $3,650.
Looking at the technical gauges 😛 TAGEND
Hourly MACD- The MACD for BTC/ USD is somewhat placed in the bearish zone.
Hourly RSI( Relative Strength Index)- The RSI is well below the 50 level.
Major Support Level- $3,740
Major Resistance Level- $3,840
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