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Bitcoin Price Weekly Analysis – BTC/USD To Breakdown?


Bitcoin price is finding it hard to stay above $4200-4100 against the US Dollar. More declines towards $3900 is likely in BTC/USD in the near term.

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Key Points

  • Bitcoin price is struggling to remain above the $4100 support area against the US Dollar.
  • There is a key bullish trend line with support at $4150 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is heading towards the trend line support at $4150 and might attempt a downside break.

Bitcoin price is finding it hard to stay above $4200-4100 against the US Dollar. More declines towards $3900 is likely in BTC/USD in the near term.

Bitcoin Price Crucial Support

There were a couple of swing moves in Bitcoin price towards $4500 against the US Dollar this past week. The price declined on a couple of occasions, but the $4000-4100 support area held the downside. The price recently recovered from the $4018 low. It traded above the 50% Fib retracement level of the last decline from the $4966 high to $4018 low. It even moved above the $4500 level and the 100 simple moving average (H4).

However, the upside move faced sellers near $4650. Buyers failed to place the price above the 61.8% Fib retracement level of the last decline from the $4966 high to $4018 low. The price moved down and traded below the $4500 support and the 100 simple moving average (H4). On the downside, there is a key bullish trend line with support at $4150 forming on the 4-hours chart of BTC/USD.

The pair is approaching the trend line support at $4150 and remains at a risk. If sellers manage to break the $4150 support, there can be more declines. The next target could the $3950 level, which is a crucial support. On the upside, the 100 simple moving average (H4) and a connecting trend line at $4450 are major barriers.

Looking at the technical indicators:

4-hours MACD – The MACD is now placed well in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well below the 50 level.

Major Support Level – $4150

Major Resistance Level – $4450

 

Charts courtesy – SimpleFX

Article Original

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