Bitcoin expenditure struggled to gain traction above the $3,840 and $3,900 fight elevations against the U s dollars. Yesterday’s highlighted major bearish trend line is intact with fighting at $3,720 on the hourly graph of the BTC/ USD duet( data feed from Kraken ). The price is currently trading in a bearish region and it is able to spread loss below $3,500.
Bitcoin price is under pressure below $3,800 against the US Dollar. BTC may chasten a few points, but it remains sell on mobilizes near $3,720 and $3,800.
Bitcoin Price Analysis
There was an increase in selling pressure on bitcoin premium after it was unable to clear the $3,850 statu against the US Dollar. The BTC/ USD pair started a downside move and has broken the $3,800 and $3,700 corroborate status. It even broke the $3,600 tier and traded as low-grade as $3,563. There could be a short term chastening from $3,563, but the toll is selling well below the 100 hourly simple-minded moving average.
An initial resistance is near the 23.6% Fib retracement degree of the last deteriorate from the $3,855 high to $3,563 low. Moreover, yesterday’s highlighted major bearish trend line is intact with resist at $3,720 on the hourly graph of the BTC/ USD duo. Ultimately, the 50% Fib retracement tier of the last fall from the $3,855 high to $3,563 low-grade is near the trend line. Therefore, if there is an upside chastening, the premium is likely to contend near $3,720 and $3,800. A proper terminate above the trend line and the $3,800 resistance is needed for a respectable upward move. If not, the price may continue to slump and there is an opportunity even break the $3,500 funding in the near term.
Looking at the chart, bitcoin expenditure has appeared to be trading with a bearish direction below $3,720 and there are chances of more losses.
Looking at the technological shows 😛 TAGEND
Hourly MACD- The MACD for BTC/ USD is gaining gait in the bearish zone.
Hourly RSI( Relative Strength Index)- The RSI is moving with a bearish inclination below the 40 level.
Major Support Level- $3,500
Major Resistance Level- $3,720
The post Bitcoin Price Watch: BTC Turned Bearish Below $3,800 performed firstly on NewsBTC.